Alibaba is in talks to invest up to $3bn in ride-hailing business Grab.
In Brief:
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Alibaba will be the only investor in a funding round.
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It plans to acquire Grab stock from Uber.
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Grab has a valuation of $14bn and Uber owns a 27.5% stake.
What does this mean?
Grab has expanded its business from transport in recent years to financial services offerings and mobile payments, a fairly natural progression for the app-based business.
The move has proven wise in the current climate where the ride-hailing market has taken a hit but many financial services have gone digital.
