Grab's new funding aimed at innovative products, not fending off rivals: Singapore head

"Competitors make us and drive our innovation," says Grab's new Singapore head Yee Wee Tang.
"Competitors make us and drive our innovation," says Grab's new Singapore head Yee Wee Tang.ST PHOTO: GIN TAY

Ride-hailing giant Grab's announcement this week that it intends to raise another US$2 billion (S$2.7 billion) from private investors this year is not aimed at fending off competition, said the company's new Singapore head Yee Wee Tang.

Instead, the funding is aimed at allowing the firm to develop more "innovative products", said Mr Yee, 42, who previously headed Grab's operations in Cambodia.

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A version of this article appeared in the print edition of The Straits Times on April 12, 2019, with the headline 'Grab's new funding aimed at innovative products, not fending off rivals: S'pore head'. Print Edition | Subscribe