The seven-year-old company’s coming-of-age moment was a deal to buy Uber’s regional business last year, but it hasn’t enjoyed the total monopoly many foresaw. Instead, it is faced with a growing challenge from rival Go-Jek, a $10 billion company backed by Google, Tencent and others, which is expanding across the region from Indonesia. In response, Grab is placing an increased focus on financial services as it seeks to become the ‘everyday app’ for consumers in Southeast Asia, where digital spending is expected to triple by 2025.
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