Grab , Southeast Asia's biggest ride-hailing and food delivery firm, does not envisage having to undertake mass layoffs as some rivals have done, and is selectively hiring, while reining in its financial service ambitions.
Hungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable.
"The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. It caught global attention in 2018 when it acquired Uber's Southeast Asian business after a costly five-year battle.
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