Grab is on the cusp of buying Uber’s business in some Southeast Asia markets in a deal that would give the California-based smartphone-summoned ride service a stake in its competitor, reported Bloomberg and the Wall Street Journal.

The size of the stake could be around 20 percent or more than 30 percent, according to the reports, which cited unnamed sources.

Uber did not respond to an AFP request or comment.

The US ride share titan faces fierce competition in Asia, not only from Singapore-based Grab but from Ola in India, and Chinese rival Didi Chuxing.

Japanese financial titan Softbank has invested billions of dollars in Uber, Didi, Ola and Grab, and is known for seeking synergies between companies in its portfolio.

Didi and Uber ended a ferocious battle in the surging Chinese market in 2016 with a tie-up along the lines of the reported deal with Grab.

Southeast Asia’s top ride-hailing firm Grab launched services in the Cambodian capital Phnom Penh late last year as it looked to lock down regional domination against main rival Uber.

Grab, which launched in 2012, has poured money into expanding its regional fleet and now has more than 2.1 million drivers in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.

Competition between ride-hailing apps has been heating up in Southeast Asia’s rapidly expanding market, which is forecast to grow more than five times to $13.1 billion by 2025, according to a 2016 report by Singapore investment firm Temasek.

While ridesharing giant Uber is the largest firm of its kind with a presence in more than 600 cities, the US-based company has been rocked by scandals and is facing fierce competition from rivals in Asia and Europe.

Fitch said the bonds will have a maturity of three years. The proceeds from the issue will be used for working capital and debt refinancing.

The bonds are rated at the same level as EB itself, since they represent the unsubordinated and unsecured obligations of the company.

EB’s national ratings reflect Fitch’s view that the company would benefit from extraordinary support, if required, from its parent, Japan-based Acom (A-/stable).

Fitch deems EB to be a strategically important subsidiary of the parent, given Acom’s significant 71-per-cent ownership, full management control and continuous support, such as debt guarantees, direct lending and transfer of technical knowledge.

Their investment reflects their belief in a bright economic outlook for the nation in the near future.

In a Friday press release, the company said it had successfully built a large Bt60-million warehouse to optimise inventory balances and maximise their ability to supply their manufactured control products, including valves for key industries.

To respond to the economic opportunities of the Asean bloc, the company plans to increase its registered capital to Bt27 million, and expects to increase sales volumes to Bt400 million by 2020, up from Bt320 million in 2017.

The company has offices in Rayong and Bangkok.

The company said it has the potential to operate on good corporate governance and excellency within the food and beverage industry category at Dusit Thani.

Washing machines, dryers, in-built cooking appliances, refrigerators and dishwashers will be on offer to the Thai consumers who will experience firsthand the innovative premium Bosch appliances and their brand promise of perfect results, surprisingly simple solutions and perceived quality.

“This year, Thailand’s home appliance market has been expected to see a bright future as a result of the economic recovery. We anticipate that the launch of our major product ranges will be successful, thanks to brand’s innovations, advanced technology combined with the long-standing reputation of Bosch, which aims to make everyday life more convenient, comfortable and enjoyable, says Chollawit NaSongkhla, managing director, BSH Home Appliances Company Limited (Thailand).

Arthid Nanthawithaya , president and chief executive officer at SCB, and Bernhard Hodler, chief executive of Bank Julius Baer, yesterday signed an agreement to set up a wealth management company with capital of Bt1.8 billion. SCB holds a 60 per cent share, with Julius Baer the rest.

The two financial institutions came together with an eye on grabbing a slice of the fast growing wealth management market that serves the super rich, estimated to number 30,000 in Thailand. This market segment in Thailand is estimated at US$300 billion.

“Over the next five years we aim to have US$30 billion worth of assets under management,” said Arthid.

The joint venture is expected to start providing services to high-net worth individual (HNWI) clients in May, he said.

The population of HNWIs in Thailand is growing constantly, at 12.7 per cent in 2016 and 13.3 per cent in 2017, providing the bank with strong confidence in the market potential, Arthid said.

The new partnership platform is one of the key spin-offs of SCB’s “Going Upside Down” strategy, said Arthid.

He said SCB has financial products to sell to investors but that is not the same as wealth management. “Wealth management requires more than just selling financial products to investors,” said Arthid.

The joint venture will offer rich investors global asset classes, he said. “We already have a HNWI client base, but if anyone want us to manage his or her asset worth Bt100 million, we will provide this service,” said Arthid. Hodler said Thailand’s wealth management market is growing and that SCB is the right partner for Julius Baer, which has global knowledge in wealth management but does not have local networks in Thailand. He said Julius Baer’s focuses on giving investment advice to clients and finding the best financial products worldwide – not only Julius Baer’s own products – for them

The two financial institutions will start to recruit management team and workers for the joint venture and the company’s headquarters will be in Bangkok. It will also have an office in Singapore.

SCB yesterday informed the Stock Exchange of Thailand about the joint venture project.

Asked whether they will expand to other countries, Arthid said that they will focus on the Thai market first and if that succeeds, they may consider expand into the so-called CLMV countries: Cambodia, Laos, Myanmar and Vietnam.

“ We will walk before we run,” said Hodler.

Julius Baer claims to be leading Swiss private banking group. At the end of 2017 its assets under management amounted to 388 billion Swiss francs.

The company, announcing the official establishment of the investment arm yesterday, also said that it aimed to make Thailand a hub for startup ventures in Asia.

The company sees the new investment unit as helping Singha Corporation to achieve greater business diversification.

With Singha Ventures, the company can channel investment capital directly into promising startups, without the need for approval from the board of directors. This will also save time.

With US$25 million in registered capital, Singha Ventures was registered in Hong Kong in the middle of last year as a wholly owned subsidiary of Singha Corporation.

Bhurit Bhirombhakdi, chairman of the executive board at Singha Ventures, said the company will invest in startups, both directly and indirectly, through venture capital funds. The company, however, will not invest more than a 25 per cent stake in individual startups in the initial stage and will allow the startup owners to run their companies. The arrangement is aimed at ensuring the startup owners remain fully motivated.

Bhurit said that the world’s top-ranking companies, such as Apple, Google, Microsoft, Facebook and Amazon, have grown their businesses from startups. The scene is different from 10 years ago, he said, when big companies came from the so-called real sectors of the economy, such as in the oil industry.

“With the ventures, we will able to help those startups to develop and grow their businesses over the long term,” he said. “With such a collaboration, the startups will be able to utlise Singha’s resources, such as human resources experts, and those from research and development, and marketing and sales. They will be able to leverage our distribution network.”

Singha Corporation has distribution partners in more than 50 countries. In Thailand, the company has an extensive distribution network covering more than 400,000 retail outlets.

“Gaining a return on investment from those startups is not our maximum aim, we (Singha Corporation) would like to leverage know-how and technologies from those startups so that we will be to deal better with the disruption of technologies such as artificial intelligence and robotics,” said Bhurit, adding that such technology disruption would not only impact the ways of doing businesses, but also change the world.

Vorapat Chavananikul, managing director of Singha Ventures, said the company was interested in investing in promising startups – in Thailand and abroad – in its core business areas. These comprise consumer products (foods, beverages and packaging), retail and logistics, and enterprise solutions, as well as healthcare and renewable energy.

He said that during the past year, Singha Ventures has invested in two funds. These are Kejora Ventures, Southeast Asia’s biggest technology ecosystem with its headquarters in Jakarta, which has invested in more than 29 startups; and Vertex Ventures from Singapore, a network of experts in technology and venture capital from all over the world. They can create a good return of 2.5 to three times the initial investment so far, Vorapat said.

To drive market growth this year, the company has appointed football superstar Neymar JR as its global brand ambassador.