SINGAPORE, April 8, 2021 /PRNewswire/ -- Grab Holdings has unveiled plans for the GrabForGood Fund that seeks to support programs that will have lasting impact on the quality of life for its driver-, delivery- and merchant-partners, and the broader community of Southeast Asia. $50 million in cash and $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 $25 million in personal contributions of Grab shares. 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. 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," said Grab Group CEO and co-founder Anthony Tan. [caption id="attachment_17944" align="aligncenter" width="600"] Grab logo[/caption] Tan added, "The GrabForGood Fund will commence immediate work on meeting the urgent need for COVID-19 vaccines, where it's not easily available. 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 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. Near Term Initiative: Up to $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 [$20] million in cash from the fund to fully subsidise 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 February 2021 survey which found that an average of 92% of Grab users continue to be worried with the COVID-19 situation. Grab has started sourcing for vaccines, and will look into setting up vaccine centres 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 include: For Grab partners:
- GrabInsure Subsidy: Based on a May 2020 survey, the insurance ownership rate amongst Grab partners is low at an average of 13%, with affordability of premiums being the main barrier to purchasing insurance. Grab plans to tailor a GrabInsure program to enable Grab partners to purchase insurance products at discounted rates. The range of insurance products could include life, critical illness, family-member insurance coverage and investment insurance products, and will be customized to the needs of our partners in each country. This is on top of existing region-wide complimentary insurance coverage (Grab Personal Accident Program) that covers all driver- and delivery-partners in event of accidents or death while in service on the Grab platform, subject to the terms and conditions of such coverage.
- Education Scholarships: Merit-based financial aid for the most underserved of the Grab-affiliated community
- Financial Aid to Persons with Disabilities (PWD): Financial aid for PWDs to gain mobility and access to income by funding car/bike modifications, driving school fees and necessary hardware such as wheelchairs and hearing aids to enable their use of Grab's platform for income creation opportunities.
- Financial and Digital Literacy Programs: Partnerships with financial/educational institutions to provide educational content and co-develop tools to improve digital access, productivity and financial standing.
- Climate Change Resiliency: Grants or incentives towards low- or zero-emission technology and waste reduction solutions, addressing climate change and waste pollution respectively.
- Catastrophic Relief: Financial aid support for vulnerable groups to rebuild lives in the event of natural disasters.
By PR Newswire