Last April 8, 2021, Grab Holdings recently unveiled its plans for the GrabForGood Fund that seeks to support programs that will have a lasting impact on the quality of life for its driver-, delivery-, and merchant-partners and the broader community of Southeast Asia.
Grab will seed the fund with US$50 million in cash and US$200 million in expected value of Grab shares. In addition, Grab Group CEO and co-founder Anthony Tan, co-founder Tan Hooi Ling, and president Ming Maa have pledged a combined US$25 million in personal contribution of Grab shares (expected value). This brings the total initial fund size to US$275 million, based on today’s value expectations.
“Since our founding, Grab has been dedicated to our mission of creating economic empowerment for everyone in Southeast Asia,” said Grab Group CEO and co-founder Anthony Tan. “The GrabForGood Fund will be a key pillar of our efforts to uplift Grab partners and our broader community, and represents a meaningful next step in our long-term commitment to Southeast Asia.”
“The GrabForGood Fund will commence immediate work on meeting the urgent need for COVID-19 vaccines, where it’s not easily available,” Anthony continued. “Over time, we’re planning to introduce other programs that will provide the foundation for social and economic mobility, and give more people access to opportunities to upgrade and improve their lives. Our aspiration is to create a lasting positive impact in every country we operate in.”
The Fund will support a mix of programs aimed at delivering long-term social and environmental impact, including in areas such as education, financial support for underserved communities, and environmental issues. A “Fund Advisory Board” will be formed to give Grab partners and the broader Southeast Asia community strong representation in providing feedback and recommendations over how the funds will be spent.
In the Philippines, Grab has made significant strides in leveraging its technology and platform to create a positive social impact on the lives of many Filipinos. Madiskarteng Boss Club is a program supporting the growth of our Filipino social sellers through training, solutions, and tools from the Grab platform. Through the Madiskarteng Boss Club, Filipino Social Sellers are able to better reach and serve their customers despite the many restrictions brought about by the pandemic.
With the lockdown urging many businesses to become digital-first, Grab has helped many local businesses in their digitalization journey through its Small Business Booster Program, where Grab provides the necessary tools and solutions for local businesses to help them better reach and serve their customers online.
To encourage many Filipinos to show support and appreciation for the driver- and delivery-partners invaluable work in serving the everyday needs of many consumers, Grab Philippines has also pioneered the tipping feature on its platform, where 100 percent of the tips go directly to Grab driver- and delivery-partners.
As safety and hygiene will continue to be a priority for many of our kababayans in the foreseeable future, Grab has also leveraged its network and partnerships to launch GrabProtect, a robust suite of safety and hygiene features and solutions that aim to protect the lives and livelihoods of many of its partners on the platform. Some of these features and solutions include the free RT-PCR testing for driver- and delivery-partners, ensuring their safety and well-being, providing peace of mind to the broader communities across the country.
Near Term Initiative: Up to US$20 million to provide free Covid-19 vaccination for Grab partners
COVID-19 has impacted livelihoods across Southeast Asia. As an immediate commitment, Grab has allocated up to US$20 million in cash from the fund to fully subsidize the cost of COVID-19 vaccines and vaccine administration of eligible driver- and delivery-partners who are not covered by a national vaccination program. This is in response to the findings from the February 2021 survey which found that an average of 92 percent of Grab users continue to be worried about the COVID-19 situation.
Grab has started sourcing for vaccines, and will look into setting up vaccine centers to inoculate eligible partners locally.
Grants and financial support for longer-term social and environmental impact
Structured as an endowment to ensure the Fund’s long-term sustainability, the GrabForGood Fund will start to support other initiatives after it exceeds a certain targeted value. While more details will be determined and disclosed over time in partnership with the Fund Advisory Board, anticipated areas of support for Grab partners include GrabInsure Subsidy, Education Scholarships, and Financial Aid to Persons with Disabilities (PWD), meanwhile, the GrabForGood Fund is anticipated to support the broader community across Southeast Asia through Financial and Digital Literacy Programs, Climate Change Resiliency, and Calamity Relief.
The creation of the GrabForGood Fund is a significant milestone building on the success of many existing Grab’s initiatives to empower Southeast Asia, such as the Small Business Booster Program which helps small businesses to digitalize, and upskilling programs for Grab partners through free access to Microsoft’s e-learning digital literacy modules via the Grab driver app.
Grab plans to ensure the GrabForGood Fund will maintain structures and policies that comply with local laws, regulations, and compliance requirements.
Get to know more about the GrabForGood Fund here.