The announcement confirmed a Reuters report, which claimed that GSM was targeting a debut in Hong Kong by 2027, potentially marking the first initial public offering (IPO) in the city by a Vietnamese company.

Founded in 2023 by Vingroup and VinFast head Pham Nhat Vuong, GSM runs Vietnam’s largest all-electric taxi fleet under the Xanh SM brand, using vehicles exclusively supplied by Nasdaq-listed VinFast.

“There have been advisory views suggesting a valuation of around $20 billion. However, we continue to consult a range of perspectives. Any eventual valuation would depend significantly on the timing and market conditions at the time of listing,” Vingroup added.

If GSM achieves such a valuation, the two-year-old ride-hailing company will end up rivalling its closest competitor, Nasdaq-listed Southeast Asian Grab, which has a market capitalisation of approximately USD 21 billion. Grab is also known as Southeast Asia’s dominant “super app,” starting as a ride-hailing service, “My Taxi,” in 2012, to offer safer transport.

The business further evolved to include food and grocery delivery, digital payments (GrabPay), financial services, and more, becoming the region’s first decacorn by solving local needs like cash payments and motorbike transport. Grab also acquired Uber’s SEA operations and got listed on NASDAQ in 2021. Not only Grab, but also rivals like Uber, Lyft, and Indonesia’s GoTo all have their stock market presence.

While Vingroup did not give a location or a concrete timeline for GSM’s listing, it confirmed a listing would not occur in 2026. Two sources had indicated the valuation could range between USD 2 billion and USD 3 billion, with one suggesting GSM was looking to raise at least USD 200 million and that the valuation would factor in debt. Both sources requested anonymity due to the confidentiality of the information, reported Reuters.

The IPO plan, still tentative, would mark Vingroup’s second overseas listing after electric-vehicle maker VinFast’s Nasdaq debut in 2023. The collaboration between GSM and VinFast has supported VinFast’s domestic sales while enabling GSM to scale up without bringing third-party suppliers into play. VinFast’s sales to GSM accounted for 26% of its total by Q3 2025, down from 72% in 2023.

As per reports, a Hong Kong listing would offer deeper liquidity and stronger investor appetite for electric vehicle and mobility plays versus Singapore or Nasdaq, where VinFast has faced liquidity challenges tied to a small free float. The move would also fund GSM’s regional growth, strengthening its position in Southeast Asia’s competitive market and, most importantly, easing financial pressures on Vingroup and Vuong as VinFast continues its costly expansion and development efforts.

GSM held about 40% of Vietnam’s ride-hailing market in the first quarter of 2025, versus Grab’s 32%, data from research firm Mordor Intelligence showed. Rakuten Insight, however, estimated Grab’s share at 55% and GSM’s at 35%. GSM has expanded into Laos, Indonesia, and the Philippines, and is exploring an entry into India.

The post VinFast-linked GSM plans Hong Kong IPO, to rival Grab appeared first on International Finance.

Telkomsel chief executive Setyanto Hantoro in a statement, “Telkomsel is optimistic that this latest investment will open more opportunities for society to access advanced digital technology-based innovations developed by homegrown companies.”

Reportedly, Gojek is in talks with ecommerce firm Tokopedia to merge their business. If talks are successful, the new entity would be called GoTo and the deal could be worth $18 billion.

So far, Gojek has raised around $3.45 billion in separate funding rounds from high-profile investors including Google, Facebook, PayPal, Visa, and Tencent. With the latest funding, Telkomsel is also expected to be one of the largest investors in GoTo.

In December, it was reported that Southeast Asia’s ride-hailing giant Grab and Gojek are on the brink of a potential merger and investors of both parties are urging the startups to merge. Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.

Speculations about a potential merger began even earlier. In March 2020, it was reported that Gojek wanted a 50 percent stake in the merged entity; however, Grab wanted to hold a controlling stake.

The post Gojek raises $300 mn in a fresh funding round amid merger talks appeared first on International Finance.

Earlier this year, it was reported that Grab is considering listing its shares in a US-based stock exchange this year. It was said that Grab could raise around $2 billion in its initial public offering (IPO), which would likely make it the largest overseas share offering by a Southeast Asian company.

Recently, the company announced an $275 million endowment fund to support its drivers and delivery and merchant partners. In a statement, Grab said that the fund will support programs aimed at delivering long-term social and environmental impact on communities in Southeast Asia.

In December, it was also reported that investors of Grab and its rival Indonesia-based Gojek, urged the two giants to merge their businesses. Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.

Anthony Tan said in the email, “There is speculation again about a Gojek deal. Our business momentum is good, and as with any market consolidation rumours, we are the ones in a position to acquire.”

In February, South Korea-based retailer Shinsegae Group invested an undisclosed amount in Singapore-based ride-hailing giant Grab. Shinsegae invested through its newly formed corporate venture arm Signet Partners.

Ms Tan Hooi-Ling, Grab’s co-founder told the media, “We are building products that positively impact millions across Southeast Asia, and we want to continue deepening our

The post Grab to float its shares on NASDAQ through $35 bn SPAC deal appeared first on International Finance.

Recently, it was also reported that Grab will hire around 350 additional employees this year to help it deliver online financial services in Southeast Asia. The new hires will also develop the Singapore ride-hailing operator’s digital banking business and support micro-enterprises in their digital transformation.

Ms Tan Hooi-Ling, Grab’s co-founder told the media, “We are building products that positively impact millions across South-east Asia, and we want to continue deepening our R&D (research and development) capabilities and push the boundaries of innovation, right here at our strategic base.”

Last month, it was reported that Grab is considering listing its shares in a US-based stock exchange this year. Grab could raise around $2 billion in its initial public offering (IPO), which would likely make it the largest overseas share offering by a Southeast Asian company.

In December, investors of Grab and its rival Indonesia-based Gojek, urged the two giants to merge their businesses. Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.

Speculations about a potential merger began at the beginning of last year. Back in March, it was reported that Gojek wanted a 50 percent stake in the merged entity; however, Grab wanted to hold a controlling stake.

The post Shinsegae invests an undisclosed amount in ride-hailing superapp Grab appeared first on International Finance.

Back then, Reuben Lai, Senior Managing Director of Grab Financial Group told the media, “In Southeast Asia, there is a lack of access to affordable wealth management products and retirement planning solutions for most people. As we face an increasingly volatile and uncertain economic environment, it is imperative for Southeast Asians to acquire the tools and knowledge to protect their future by sustainably building wealth for themselves and their families. The launch of GrabInvest brings us a step closer to democratising access to affordable financial solutions that will help them achieve the financial stability they need well into their retirement years.”

Prior to setting up Bento, Chandrima was a Managing Director in the Bank of Singapore. It is also reported that Huey Tyng, the head of Grab’s payments business will step down from her role along with Das.

The Singapore-based ride-hailing and food delivery giant is also mulling listing its shares in the US. The pricing, size and timing of the deal are yet to be determined. It is estimated that Grab’s IPO could be the largest market debut ever made by a Southeast Asian company on a foreign exchange.

The post Grab’s head of wealth management to step down appeared first on International Finance.

Last month, investors of Grab and its rival Indonesia-based Gojek, urged the two giants to merge their businesses.  Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.

Anthony Tan said in the email, “There is speculation again about a Gojek deal. Our business momentum is good, and as with any market consolidation rumours, we are the ones in a position to acquire.”

Both companies, which compete with each other in various sectors, have been waging a price war against each other since last year when it comes to ride-hailing and food delivery sectors. A potential merger deal between Grab and Gojek will be the biggest tech merger in Southeast Asia. Grab is valued at $15 billion. Whereas, Gojek is valued at $10 billion.

Last year, it was also reported that Chinese ecommerce giant Alibaba was in talks to invest around $3 billion in Grab. Alibaba was the sole investor in this particular funding round for Grab and acquired stocks previously held by Uber Technologies. This was Alibaba’s biggest investment in Singapore. Previously, Alibaba invested around $1 billion in ecommerce firm Lazada in 2016.

The post Ride-hailing giant Grab mulls US listing in 2021 appeared first on International Finance.

Karen Chan told the media, “We anticipate in five years time, basically by the end of 2024, that 50 percent of revenue would be coming from non-flight related non-aviation-related revenue.”

“Not all the flights are always full, and the load factor will not be 100 percent. So the unsold infantry, and because they are so perishable, even as an 85 percent load factor for an Airbus A320, I still have about 20 to 25 seats unsold. I will now be able to bundle that unsold inventory for one ringgit or 25 cents with the hotel’s direct inventory. And I will be able to go into the market with a best buys guarantee. We can go and expand into where other airlines are just not able to do so. We actually want to go and be seen as basically a lifestyle partner.”

Founder Tony Fernandes revealed last year that the airline is working on a new super app that will compete with the likes of Southeast Asian giants such as Grab and Gojek. The aviation industry has been hit hard by the coronavirus pandemic and through the super app, AirAsia is looking for a new way to generate income. The super app which AirAsia is working on will be an all-in-one app for food delivery, shopping, payments, entertainment and travel.

The post Around 50% of AirAsia’s revenue to come from non-aviation sources: CEO appeared first on International Finance.

A total of 21 different firms and consortiums applied for digital banking licences in Singapore; however, according to MAS, only 14 of them met the required criteria. Other parties such as Arrival Bank, Bytedance, Tiktok and iFast Group also applied for licences.

In June 2019, the Monetary Authority of Singapore first announced that it will issue two digital banking licences and three digital wholesale banking licences. The apex bank was expected to announce the name of the successful applicants in June 2020; however, the process was delayed by the coronavirus pandemic.

Anthony Tan, chief executive officer and co-founder of Grab, in a statement, “We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals,” said MAS MD Ravi Menon in a statement. A handful of countries, including the UK, India and Hong Kong, have streamlined their regulations in recent years to grant tech companies the ability to operate as digital banks.

Ride-hailing firm Grab and telecom operator Singtel formed a consortium last year to apply for the digital full bank license. Their combined experience and expertise will allow them to empower more people to gain better control of their money and achieve better economic outcomes for themselves, their businesses and families, Tan added.

The post Singapore grants digital banking licence to four firms appeared first on International Finance.

Anthony Tan said in the email, “There is speculation again about a Gojek deal. Our business momentum is good, and as with any market consolidation rumours, we are the ones in a position to acquire.”

Both companies, which compete with each other in various sectors, have been waging a price war against each other since last year when it comes to ride-hailing and food delivery sectors. A potential merger deal between Grab and Gojek will be the biggest tech merger in Southeast Asia. Grab, which is based in Singapore, is valued at $15 billion. Whereas, Indonesia-based Gojek is valued at $10 billion.

Speculations about a potential merger began earlier this year. Back in March, it was reported that Gojek wanted a 50 percent stake in the merged entity; however, Grab wanted to hold a controlling stake. During the period, Grab President Ming Maa and Gojek chief executive Andre Soelistyo held a meeting with regard to the potential merger.

However, responding to a media inquiry, a Gojek spokesperson said there are no such plans as of yet and the recent media reports regarding discussions of a potential merger with Grab are not accurate. During the same period, it was also reported that the Indonesian Consumer Foundation has revealed its disapproval when it comes to the potential merger between Southeast Asian ride-hailing giants.

The post Investors urge ride-hailing giant Grab and Gojek to merge appeared first on International Finance.

The funding round for Finantier was led by East Ventures. Other investors that also
participated in the funding round include AC Ventures and Genesia Ventures.
What Finantier does is that it collects datasets from various banks and financial
institutions, enriches the data and passes them to third parties through an open finance
application programming interface (API), which is a software intermediary that allows
two applications to talk to each other. According to the company, its aim is to plug this
gap by providing infrastructure and data products required by businesses to build the
next generation of financial services.

Willson Cuaca, co-founder and managing partner of East Ventures told the media,
“Providing equal access to financial services will create multiple effects to the
Indonesian economy. Currently, hundreds of companies work with their own unique
solutions to bring financial services to more people. We believe Finantier will help them
to offer more products and services to this underserved section of the population.”

Earlier this month, another Indonesian fintech startup LinkAja raised around $100
million in its series B funding round led by Singapore super app Grab. The investment
round also saw participation from Telkomsel, BRI Ventura Investama and Mandiri
Capital Indonesia. The startup will use the funds to bolsterits reach to the middle class and MSMEs in Indonesia.

The post Indonesia’s Finantier raises funds for tech upgradation appeared first on International Finance.