Komsan Chiyadis
GrabFood delivery-partner, Thailand
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Grab ranks 2nd on Fortune’s Change the World list; among Time's World's Best Companies
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September 25, 2024
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Regional
Grab has been ranked second in Fortune’s 2024 Change the World list for its efforts in driving financial inclusion across Southeast Asia.
The tenth annual Fortune Change the World list recognised 52 companies that have made important social or environmental impact through their business strategies. Fortune editors and reporters evaluated each nominee on key factors including social impact, business results and degree of innovation.
We’re honoured to be recognised for the work we’re doing in democratising access to financial services for our partners.
Championing financial inclusion
Banking infrastructure presents significant barriers to many in Southeast Asia. Over half of the population remains underserved by traditional banks. Lack of formal credit history also means that many of our partners can’t qualify for financing from traditional banks.
By tapping the extensive data from the millions of transactions on our platform, we’ve been able to extend loans to those without a formal credit history.
Our latest models process over 100 distinct data points such as past earnings and driving history. This helps us form a good view on their ability to repay a loan.
Grab also facilitates smaller, daily auto-deductions from our partners’ earnings on the platform. This ensures that they do not incur more debt than expected income and eliminates the stress that is often associated with repayments.
Gig workers aren’t the only ones benefiting from our lending services. Micro, small, and medium enterprises (MSMEs), too, have been able to improve their cash flow and invest in their business growth with our lending products.
Other accolades
Apart from making the Fortune 2024 Change the World list, we were again named in the Time’s World’s Best Companies of 2024, with our ranking improving significantly over the previous year.
The list includes companies that have made positive societal impact while making money and keeping employees happy. The ranking is based on a formula of employee-satisfaction surveys, revenue growth and environmental, social, and corporate governance (ESG) data.
Earlier this year, we also bagged the 2024 Red Dot Design Award for our in-house mapmaking camera, KartaCam 2. Every year, the international Red Dot Award sets out to find the year’s best new products in terms of design excellence.
GrabMaps’ KartaCam 2 was designed to make it a lot easier to capture images across Southeast Asia, particularly in challenging terrains such as narrow alleyways, indoor spaces and mountainous areas.
Whether it’s to address gaps in banking services or enhance mapping capabilities, we will continue to drive significant and scalable impact through innovative solutions.
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Komsan Chiyadis
GrabFood delivery-partner, Thailand
COVID-19 has dealt an unprecedented blow to the tourism industry, affecting the livelihoods of millions of workers. One of them was Komsan, an assistant chef in a luxury hotel based in the Srinakarin area.
As the number of tourists at the hotel plunged, he decided to sign up as a GrabFood delivery-partner to earn an alternative income. Soon after, the hotel ceased operations.
Komsan has viewed this change through an optimistic lens, calling it the perfect opportunity for him to embark on a fresh journey after his previous job. Aside from GrabFood deliveries, he now also picks up GrabExpress jobs. It can get tiring, having to shuttle between different locations, but Komsan finds it exciting. And mostly, he’s glad to get his income back on track.
