Citi, the largest pan-regional credit card issuer, and Grab, Southeast Asia’s leading super app, have expanded their partnership in consumer lending with the launch of the bank’s first API-enabled lending capability with Grab in Asia Pacific.
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Beginning with Singapore with more markets in the region to follow, existing and eligible Citi credit card customers can apply for a personal instalment loan (or Citi Quick Cash) through the Grab app via API.
This means that qualified customers who meet Citi’s lending criteria can seamlessly apply for a loan from Citi through the Grab app, with flexible repayment options ranging from 12 to 60 months at attractive rates to help them manage their personal finances.
Citi Quick Cash enables eligible customers to convert the available credit limits on their respective Citi credit cards into a cash loan that is payable in monthly instalments. Currently, most of the Citi Quick Cash loan applications in Singapore are already acquired digitally.
“Citi is proud to be the first banking partner to offer personal loans on the Grab app. Our partnership with Grab has progressed from strength to strength as we continue to expand our presence in digital ecosystems,” said Sanjay Nambiar, Regional Head of Partnerships, Asia Pacific and EMEA, Citi. “We have long recognized that consumers in Asia are inclined to use digital apps for various lifestyle and daily needs, including more increasingly, their payment and lending needs. We are excited to further our strategic partnership with Grab while deepening our engagement with our expanding digital-first customer base.”Read More: Prepare for Treasury & Risk Management Transformation with These 5 Tips
With the API connectivity, eligible customers are able to perform select actions on a partner’s digital e-commerce site or app, using a secured connection developed, controlled and owned by Citi. When a Citi Quick Cash application is initiated through the Grab app, the information is then sent to Citi through the APIs where the loan will be processed, reviewed and disbursed by Citi.
Vikas Kumar, Head of Cards and Personal Loans, Citibank Singapore, said, “Citi has always strived to be an early mover in the digital space, and I am pleased to announce the launch of our API partnership with Grab in Singapore, making Citi the first banking partner to offer integrated personal loans on the Grab app. As we continue to integrate our products and services in digital ecosystems, we hope to drive deeper engagement with our customers and make every experience seamless and secure.”
