I have lived and worked in Southeast Asia. The ride-hail business is already cutthroat with just 1 or 2 competitors. Because drivers can easily switch companies depending on which is willing to pay more in incentives or charge lower commissions. In fact, the media has reported that many drivers in Singapore are driving for 2 or 3 companies at any time, depending on which app gives a better fare or incentive. So I don't think GRAB can slash incentives without consequences to revenue.
In other areas, we too are seeing intense competition in food delivery, as well as payment wallets. Many restaurants are happy to take orders simultaneously from multiple platforms.
The main problem here is that for every service that GRAB currently provides, any competitor can copy and do the same. In fact, it might be possible that GRAB's competitors are just waiting for GRAB to exhaust its cash and be forced to cut incentives. The rate at which GRAB is burning cash, it won't have enough to keep up with the competition much longer. $Grab Holdings(GRAB)$
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