Grab Announces GrabForGood Fund to Benefit Grab Partners and Southeast Asian Communities
SINGAPORE, April 8, 2021 /PRNewswire/ -- Grab Holdings today 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.
Grab will seed the fund with $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 contribution of Grab shares (expected value). This brings the total initial fund size to $ 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.
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:
For broader community in Southeast Asia:
Creation of the 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.
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