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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  AIA Group Limited    1299   HK0000069689

AIA GROUP LIMITED

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Grab raises $300 million for fintech arm from investors including Hanwha

01/14/2021 | 01:02am EST
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

SINGAPORE (Reuters)- - Southeast Asian ride-hailing and food delivery giant Grab said on Thursday it has raised more than $300 million from investors led by South Korea's Hanwha Asset Management Co. Ltd for its fast-growing financial services business.

It is the first external funding for Grab's fintech business, which has chalked out ambitious plans in insurance, lending, wealth management and payments.

"We are at an inflection point in Southeast Asia, as the pandemic has accelerated the need for digital financial services that help us grow and protect our incomes," Reuben Lai, senior managing director at Grab Financial Group said in a statement.

Grab's early investors including GGV Capital and Singapore venture capital firm K3 Ventures also participated in the funding.

Reuters reported in September, citing sources, that Grab was in advanced talks with insurers including Prudential PLC, AIA Group Ltd to raise $300 million to $500 million in investment for its financial services unit.

(Reporting by Anshuman Daga; Editing by Shri Navaratnam and Jane Wardell)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIA GROUP LIMITED -3.82% 97.05 End-of-day quote.2.16%
HANWHA CORPORATION -3.93% 29350 End-of-day quote.3.71%
HANWHA SOLUTIONS CORPORATION -4.45% 45050 End-of-day quote.-5.95%
HANWHA SYSTEMS CO., LTD. 0.72% 21000 End-of-day quote.21.39%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -1.78% 558 End-of-day quote.22.34%
PRUDENTIAL PLC -2.90% 1408.5 Delayed Quote.4.57%
SINGAPORE TELECOMMUNICATIONS LIMITED -1.26% 2.35 End-of-day quote.1.73%
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Financials (USD)
Sales 2020 33 288 M - -
Net income 2020 5 431 M - -
Net Debt 2020 - - -
P/E ratio 2020 27,7x
Yield 2020 1,35%
Capitalization 151 B 151 B -
Capi. / Sales 2020 4,54x
Capi. / Sales 2021 4,18x
Nbr of Employees 23 000
Free-Float 99,9%
Chart AIA GROUP LIMITED
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AIA Group Limited Technical Analysis Chart | 1299 | HK0000069689 | MarketScreener
Technical analysis trends AIA GROUP LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 13,70 $
Last Close Price 12,51 $
Spread / Highest target 29,9%
Spread / Average Target 9,51%
Spread / Lowest Target -16,8%
EPS Revisions
Managers and Directors
NameTitle
Yuan Xiang Li President, Group CEO & Executive Director
Garth Jones Group Chief Financial Officer
Sze Wing Tse Independent Non-Executive Chairman
Biswa Misra Group Chief Technology & Operations Officer
Mark Konyn Group Chief Investment Officer