GrabPay
SEA super-app wallet across 8 countries; sibling of GXS Bank.
- Who holds it
- An e-money institution holds your balance in a safeguarding account — Major payment institution (MPI) license (MAS Singapore, PS20200167); e-money issuer.
- The ledger
- The e-money institution’s own ledger.
- If it fails
- Safeguarded funds are returned in administration — ring-fenced, but access can be frozen and slow.
Derived from GrabPay’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Singapore, SG |
| Founded | 2016 |
| Custody | Custodial |
| Regulation type | E-money institution |
| License detail | Major payment institution (MPI) license (MAS Singapore, PS20200167); e-money issuer |
| Card | MC (GrabPay Card) · Prepaid |
| Cashback | GrabRewards |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Asia |
Verified links: official site ↗
Common questions about GrabPay
What is GrabPay?
GrabPay is a fiat neobank, headquartered in Singapore, SG and founded in 2016. Your money is held custodially, so GrabPay or its partner bank holds the balance and you hold a claim on it. It is regulated as an e-money institution (Major payment institution (MPI) license (MAS Singapore, PS20200167); e-money issuer).
Does GrabPay have a card, and where can you use it?
It issues a Mastercard (GrabPay Card) prepaid card. It is available in Asia.
Does GrabPay require KYC?
Yes. GrabPay requires identity verification (KYC) to open an account, as a e-money institution.
What does GrabPay cost?
From the verified fields: cashback GrabRewards. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with GrabPay before relying on them.
Peers
Wise · KakaoBank · WeBank · bKash · Maya · GCash
GrabPay appears in
Neobanks authorised as e-money institutions (48) · Neobanks available in Asia (132) · Neobanks that issue a Mastercard (150) · Neobanks on domestic card networks (16) · Neobanks in Singapore (12)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.