Singapore-based ride-hailing giant Grab has announced the appointment of Peter Oey as its new chief financial officer (CFO), media reports said.
Before joining Grab, Peter Oey served as CFO at legaltech company LegalZoom. He also held a similar position at US-based consumer internet business MyLife. He also brings in the experience of working over 12 years at Activision Blizzard.
In his new role as the CFO of Grab, Peter Oey will oversee Grab’s finance operations, treasury, tax, procurement, and real estate and facilities department. He will also work closely with Grab’s president, Ming Maa, and will be involved in forming the company’s strategic business planning.
However, Peter Oey will report to co-founder and chief executive Anthony Tan and will be based out of Singapore. He will replace Linda Hoglund, who vacated the post of Grab’s CFO in 2016.
Anthony Tan told the media, “Last year, we made tremendous progress in growing our food delivery, payments, and financial services business. The growth of these businesses gives us a good foundation for achieving long-term sustainable growth for our company. I’m excited to welcome Peter to the Grab family where his extensive experience scaling rapidly growing technology companies make him a valuable addition to our business.”
As the world goes into lockdown due to the coronavirus pandemic, Grab announced it is providing additional relief initiatives to financially support its drivers, delivery partners, and merchant partners.
Reportedly, senior Grab leaders are willing to take a pay cut of up to 20 percent to help the business deal with the coronavirus crisis.
Japan’s Mitsubishi UFJ Financial Group (MUFG) is set to invest over $700 million in Grab, according to media reports. Both MUFG and Grab will develop financial services products such as insurance and loans. The same products will be available through Grab’s mobile app.