In "How to do cross -border investment in 2024?"In", we reminded that the turning of the Fed's monetary policy is opening the global allocation window. From the perspective of global asset rotation, the US debt yields have opened up the investment space of the rights market, and the emerging market has stronger rebound capabilities during the weak US dollar period.In the more flexible emerging markets, with the opening of a new round of inventory cycle around the world, the export -oriented emerging economies even have strong fundamental support.Among them, the growth of foreign demand growth benefits from the transfer of manufacturing and the growth of domestic demand has benefited from the digital economy, which has attracted widespread attention.

Starting today, we will start a brand new series. By looking at the heavy stocks of the New Southern South Asia Technology Index of the New Stock Exchange, we will explore this market that is not far from us, full of vitality but slightly strange.

Before starting this journey, let's report to the "station":

Friends who have been to Southeast Asia should not be unfamiliar with this app: Grab.Just binding a bank card, tourists from all over the world can be called to the car or order takeaway through this simple APP, which is very user -friendly.

This APP established in 2012, from a taxi software, has become one of the most popular super application platforms in Southeast Asia with its diverse business model and innovative technology solutions.In it, we can see a lot of familiar shadows.Just as BAT's industry position in India, Grab has also become one of the famous giants in the Southeast Asian Internet field, and has gradually exerted its influence in the global market.

Our "journey" started from Southeast Asian super applied hegemon, Grab, and started to talk about.

Remove the composition of Grab's income and can be seen.Different from the more stable travel income, the takeaway business has gone through the process of "burning money" → turning losses into profit → fast performance, which can also see the company's business development order.

Yes, as a local life leader in Southeast Asia.

In Southeast Asia, due to the inadequate road design, public transportation such as subway and bus is relatively backward, and private cars are not developed, resulting in strong taxi demand and a huge market prospect.In 2012, Grab's first online ride -hailing service was launched in Malaysia and quickly expanded to other countries in Southeast Asia in the next few years.You know that the whole leopard, the two markets in the region -Indonesia (the urban population) and Singapore (the population density & per capita GDP high), GRAB has maintained a leading position.

According to the "2022 Southeast Asian Digital Economy Report" released by Google & Temasek, the size of Southeast Asia's takeaway and travel markets was 57%and -13%of CAGR in 2019-2022, respectively.Although the negative increase in travel business is largely affected by the epidemic, the growth of the takeaway market is still quite eye -catching.

Grab certainly did not miss this opportunity.In 2018, after merging with Uber, Grab absorbed Uber's Southeast Asian takeaway businessNew Delhi Wealth Management. With the driver's network and traffic accumulated by the travel business, it continued to expand to takeaway and distribution.With the continuous enhancement of the company's distribution efficiency and the improvement of members' user stickiness, the volume and frequency of order of takeaway business are expected to continue to grow.

Yes, smart platform companies will pay attention to strengthening user stickiness at both ends of supply and demand.

For the company's important resource, the driver network, according to the company's announcement, 69%of the two -wheeled drivers can engage in takeaway and travel business at the same time, which undoubtedly has an attractiveness to the driver beyond a single business platform.What is more humane is that it is very helpful for most drivers who have no credit records and cannot borrow from banks.With these advantages.

The reason why the company can provide insurance and credit for drivers is inseparable.In 2017, Grab launched a digital payment solution Grabpay, who pointed out to create a seamless payment experience for the main business.In 2020, the company obtained the Singapore Digital Bank license.In 2022, Grab acquired 32.3%of PT Super Bank Indonesia. Its financial business began to expand in the fields of credit, insurance, etc., in addition to the small insurance provided by the drivers above, it can also provide loans for SMEs.

And on the side of the consumer.This is also well understood, just like the scene of overseas tourists described in the beginning. Since an app can achieve one -stop service, then what necessary to spend time and energy to study other pathsUdabur Wealth Management?This is still the same, the locals are undoubtedly even more,

We mentioned in the Southeast Asian series of articles before that the fundamental reason for the development of this area is the dividend of the population. A large number of young and cheap labor attractions are attracted to the transfer of the industrial chain.Began to be given birth, and

Grab, rooted on this soil, has a lot of operations that make us familiar, but its development strategy is also quite unique.Starting from the travel business, the taxi traffic has been used to expand the takeaway and financial business. The coordinated development local ecosystem also constitutes the company's moat while reducing the cost of customer acquisition.

In a society with high population density, population structure, and even development bonus, the operating philosophy of "people -oriented" is undoubtedly very high.The efforts made by the company's efforts to maintain driver resources above are a typical example: even if there are latecomers entering, GRAB has completed the accumulated driver and merchant resources.Services and have more market share driven by scale effects.

This concept is also reflected in the company's internal governance.Being able to replicate the successful experience in many countries and hundreds of cities, the company not only cultivates the cohesion of the team through the employee "culture", but also follows the logic of global optimal and weakening personal performance in the assessment mechanism.The personnel structure also greatly shortened the problem of problem solving.

also,.According to Google & Temasek's "2022 Southeast Asian Digital Economy Report", even if the increase in online economic activities during the epidemic has played a positive role in the development of digital finance in Southeast Asia, the regional digital financial market size was only 12%in 2019-2022, and the penetration rate is compared to the penetration rate.China and the United States are still low, and there is a lot of room for improvement.

Since Grab has entered the financial service track in 2017, business growth has grown faster.Taking 2022 as an example, the company's digital financial services have net income of US $ 71 millionNew Delhi Investment. Although the business scale is relatively small, the year -on -year growth rate has reached 262%.

In addition to empowering the main business, Grab, as a "electronic wallet", also attracted more and more users.As of 2022, in addition to Singapore, Grab has also obtained a digital bank license in Malaysia.

Although the epidemic broke the rhythm of the growth of the Southeast Asian travel market, but.Taking 2022 as an example, with the ease of the epidemic, the size of the Southeast Asian online car rental market has achieved a bottom -out rebound, an increase of 40.5%year -on -year to $ 5.2 billion.

At present, the penetration rate of the Southeast Asian online car rental market is only 17%. With the Sino -U.S. -US reference department, on the one hand, Southeast Asia and India have a high population density.Although the penetration rate of the US online car rental market is only 28.1%, the amount of car ownership is obviously higher than that of Southeast Asia.Consider

In the process, GRAB, which has improved driver networks and high -quality localized operations, is still prominent compared to peer barriers. In mature business models, it is expected to benefit the industry to recover and achieve stable growth.

As for the takeaway business, it is undeniable that with the reappearance of the food after the epidemic, the market has been impacted to a certain extent, the adjustment of government policies and changes in the external financing environment.profit.but,

According to the company's official website, GRAB launched a subscription system and integration system on the C -side, and actively drained; the B -end acquired a grocery supermarket to sign a strategic agreement with restaurant solution companies to achieve POS integration and optimize merchant efficiency.On the basis of collecting commissions, Grab also actively explores the growth of shares through non -commission methods such as subscriptions, advertising, and financial services, and business integrity and strategic play are leading.

In any case, as Grab's "double bottom line" promised -providing shareholders with financial results and positive social impacts in Southeast Asia, this company does continue to work hard in the correct direction.