Singapore-listed Grab Holdings announced on Thursday, April 8, that an initial $275-million endowment fund will be used to support its stakeholders over the long haul.
Under the GrabForGood fund, Grab will fully cover the costs of COVID-19 vaccination for its drivers and delivery partners across Southeast Asia who are not covered by a national vaccination program.
"The GrabForGood Fund will commence immediate work on meeting the urgent need for COVID-19 vaccines, where it's not easily available," said Grab Group chief executive officer and co-founder Anthony Tan.
Grab said eligible drivers and delivery partners are those who have completed a ride or a delivery on the Grab app within 3 months leading up to inoculation.
"Grab has started sourcing for vaccines and will look into setting up vaccine centers to inoculate eligible partners locally," it said in a statement.
Aside from the vaccine drive, Grab will also support other initiatives to ensure the sustainability of the endowment fund.
Grab is planning an insurance subsidy for drivers and riders on top of the personal accident insurance coverage, education scholarships, and financial aid for people with disability to enable the use of the app for income generation.
The holding firm said details of the initiatives will be announced eventually.
The rest of the Grab community in Southeast Asia will also be able to access programs on financial and digital literacy, climate change resiliency grants, and catastrophic relief aid.
The GrabForGood Fund will have a seed fund of $50 million in cash and $200 million in expected value of Grab shares. Tan, along with Grab co-founder Tan Hooi Ling and Grab president Ming Maa, also pledged a combined $25 million worth of shares as personal contribution.
An advisory board will be created to give Grab partners and users representation in providing feedback and recommendations on how the funds should be spent.
In the Philippines, Grab has already launched programs that support online sellers and small businesses amid the pandemic. It also covers swab tests for drivers and delivery partners.
Grab is present in 428 cities in 8 countries in Southeast Asia. – Rappler.com