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Ride hailing firm Grab commits $100 million to expand in Myanmar
August 25, 2017 / 3:00 AM / in 3 months

Ride hailing firm Grab commits $100 million to expand in Myanmar

SINGAPORE (Reuters) - Ride-hailing firm Grab, the main Southeast Asian rival of Uber Technologies Inc [UBER.UL], said it would commit $100 million over the next three years to deepen its presence in Myanmar, grow to more cities and roll out its other services.

FILE PHOTO - People wait for the start of ride-hailing company Grab's fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su/File Photo

Grab said it wanted to launch its payments platform, GrabPay, and build a local team of up to 200.

Both Grab and Uber launched services in Yangon earlier this year seeking growth in a market where internet penetration has exploded from next to nothing a few years ago to nearly 90 percent now, with more people turning to apps and mobile services.

Their plans coincide with a push by the authorities to work to revamp public transport, starting with the bus network in Yangon.

Reporting by Aradhana Aravindan; Editing by Himani Sarkar

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