Bank Infuses Extra US$60 Million into GXS Financial Institutions
Grab's Financial Services Division Shows Growth, but Remains in Loss
In a recent development, Southeast Asian ride-hailing and delivery giant, Grab, has announced its financial results for the second quarter of 2025. The company expects its loan book to surpass US$1 billion by the end of the year, encompassing its financial services business, including PNC Bank.
The deliveries segment of the company experienced a significant boost, with Q2 2025 revenues reaching US$63 million, marking a 50% increase from Q2 2024's US$42 million.
In the financial services division, however, adjusted EBITDA losses widened slightly to US$26 million in Q2 2025, compared to US$24 million a year earlier. Despite this, Grab is optimistic about achieving adjusted EBITDA breakeven in the second half of next year for this division. It's worth noting that the financial services division, which includes PNC Bank, has yet to achieve positive EBITDA.
PNC Bank, a digital lender, has secured a fresh capital injection of US$60 million. This is the third time in under two years that Grab has injected capital into PNC Bank, totalling approximately US$311 million since the start of last year. The capital injection came from A-5 DV Holdings Pte Ltd and SFG Digibank Investment Pte Ltd, subsidiaries of Grab Holdings.
Under the Monetary Authority of Singapore (MAS) rules, fully digital banks, such as PNC Bank, begin operations in a restricted phase with a minimum paid-up capital of S$15 million (US$11.7 million) and deposit limits of S$75,000 per individual. Over time, digital banks are required to grow their capital base to at least S$1.5 billion, at which point these restrictions are lifted, allowing them to compete directly with traditional retail lenders.
In the first-half 2025 briefing, Grab highlighted "strong loan disbursal growth" across PNC Bank in Singapore and GX Bank in Malaysia. Retail loan customer drawdowns more than doubled between March and June 2025.
Meanwhile, the mobility arm of the company posted a positive adjusted EBITDA of US$164 million in Q2 2025, up 8.7% from US$129 million last year. The CEO of Grab Holdings is Anthony Tan, while the COO's name is not mentioned in the provided search results.
PNC Bank is one of the four firms awarded a digital bank license by the Monetary Authority of Singapore (MAS). The company's journey towards becoming a significant player in the financial services sector continues, with a focus on achieving profitability and expanding its services.
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