Powering up earnings & ecosystems
- Well on their mission to serve more people, better, 500-backed superapp Grab currently serves 1 in 20 people in Southeast Asia. In 2023, 35.5 million people use the app to eat, ride, and make digital payments every month. The platform also welcomed over 1 million new driver-partners and 500,000 micro, small and medium enterprises (MSMEs).
- Anthony Tan, Co-Founder, Group CEO & Chairman shared, “We will continue to embed environmental, social and governance (ESG) considerations in all aspects of our business. For us, not only is this the right thing to do, but it also makes business sense.”
- “When communities thrive, they spur a virtuous positive impact cycle for businesses. In this spirit, we will be doubling down on win-win-win solutions, which balance the economic, societal, and environmental outcomes,” he added.
- Key highlights from Grab’s 2023 ESG report:
- Better and fairer earnings for driver-partners. The team introduced a new driver fare structure to ensure they are fairly compensated, without impacting passenger fees. They have also continued to deploy tech-driven initiatives to boost partners’ productivity, allowing them to increase their earnings with less effort, time, or costs.
- Improving financial inclusion for the underserved. 1 in 3 active driver-partners take up a loan with Grab, and are 4X more likely to be approved for a loan compared to other credible lending alternatives. Grab’s new digibanks in Singapore, Malaysia, and Indonesia will also provide additional financial products for underserved groups such as gig workers, entrepreneurs, and early jobbers.
- Helping partners grow their skill sets and earning potential. Grab partnered with government and private sectors to upskill its driver-partners, rolling out various courses including financial literacy, digital marketing, basic language courses, and Electric Vehicles 101. More than 1.2 million driver-partners have taken a course on GrabAcademy in 2023.
- Improving safety through continuous innovation. The team created new safety features on the app, including AudioProtect and fatigue nudges. 99.99% of rides occurred without any safety incidents and there was an 11% reduction in total road accident rate.
- Supporting driver-partners’ transition to low or zero emission transport options. 6.3% of all distance traveled was on low or zero emission modes of transport (electric and hybrid vehicles, cyclists, and walkers), reducing ~71,000 tonnes of carbon dioxide equivalent.
- Reducing packaging waste. Grab lowered the number of plastic cutlery by 817 million sets and reduced single-use plastic by 7,365 tonnes through the platform’s in-app cutlery opt-out option and the use of recyclable packaging.
- Read the full report here.
