GrabCab has secured a licence to become Singapore’s sixth taxi operator, while Endowus has teamed up with Man Group to expand its credit investment offerings in Hong Kong and Singapore.
Grab to become Singapore’s sixth taxi operator
Grab’s subsidiary GrabCab has secured a 10-year street-hail operator licence in Singapore, making it the city-state’s sixth taxi operator, The Straits Times reported.
The licence, effective from April 9, gives GrabCab a three-year grace period to meet the minimum fleet size requirement of 800 taxis, per the report.
As part of the licence conditions, GrabCab must comply with LTA’s safety standards and ensure that driver partnerships remain non-exclusive. Its taxis must be clearly identifiable with rooftop signs and a distinctive livery and meet vehicle requirements such as adequate boot space for luggage or a folded wheelchair.
GrabCab is also required to follow the same fare structure components as other taxi operators, with fares prominently displayed for passengers.
Endowus to expand investment offerings in HK, SG
Endowus, a Singapore-licensed wealth advisor backed by SBVA (formerly SoftBank Ventures Asia), has partnered with global alternative investment manager Man Group to expand its credit investment offerings in Hong Kong and Singapore.
This marks Man Group’s first strategic tie-up with a digital platform in the region, giving Endowus clients access to institutional-grade credit strategies managed under Man Group’s $35-billion global credit platform.
The partnership strengthens Endowus’s platform by broadening access to alternative investments, per the announcement. Man Group’s credit business is run by more than 130 investment professionals and includes both discretionary long-only and alternative strategies.
“We set out to provide the most comprehensive investment solutions to our clients, and this partnership adds to our growing arsenal of alternatives that enable our clients to build strong and resilient portfolios,” said Endowus chairman and group chief investment officer Samuel Rhee.
In January, Endowus raised an additional $17.5 million in funding, bringing its total raised in the round to $52.5 million.
