Toyota funds Grab, gears up for fleet data analysis

In a separate programme, Toyota cars from Grab's fleet will undergo data analysis.

Toyota Tsusho Corporation (Toyota Tsusho), Toyota's sole trading group, rides on the hype towards after it made an investment through its Next Technology Fund.

It was not disclosed how much the vehicle company invested in Grab.

Grab is the first investment in Toyota Tsusho's fund ever since its launch.

The fund is allocated for new markets and investment in technologies.

Grab continues to get funds from investors after raising over $2.5b last month in its financing round with Didi Chuxing and Japan's Softbank Group Corp.

Grab continues to be the most used apps in Southeast Asia with over 1.2 million registered drivers in 87 cities across seven countries.

Grab also launched a new data-focused pilot programme with Toyota Motor Corporation, Toyota Financial Services, and Aioi Nissay Dowa Insurance Co., Ltd.

The programme will use data analysis to improve drivers' access to connected car services.

Grab will share data on driving patterns from 100 Toyota cars in its fleet captured by Toyota’s data-transmission driving recorder, TransLog.

This will undergo human analysis that will serve as basis for service recommendations from the Toyota Mobility Service Platform (MSPF), which has insurance, financing program, and predictive maintenance.

“Through this collaboration with Grab, we would like to explore new ways of delivering secure, convenient and attractive mobility services to our fleet customers in Southeast Asia,” said Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation and president of the Connected Company.

Today Grab offers the widest range of on-demand services in Southeast Asia, with more than 55 million app downloads. It also serves around 3 million everyday.

In an attempt to expand to other businesses, Grab launched its new peer-to-peer (P2P) fund transfer feature.

This will enable consumers to transfer GrabPay Credits to one another in iOS.

The feature was implemented through GrabPay, Grab’s in-app mobile wallet.

The service will only be available in Android on 04 September 2017.

Grab plans to extend the use of GrabPay to merchants, such as those in the food and beverage, retail and entertainment industries by the end of 2017.

It aims to work with more than 1,000 merchants.

As a way to encourage Singapore government's push to cashless payments, Grab will start by partnering with merchants that are currently more heavily dependent on cash.