A unit of Grab Holdings , GrabCar , which is based in Singapore, has been fined $10,000 for a privacy breach , Bloomberg reported .
The fine imposed by the Personal Data Protection Commission (PDPC) , which is responsible for protecting personal data in Singapore, addresses an incident last year when Grab's mobile app exposed information of more than 21,500 users.
Bloomberg reported that the breach was the result of an update to the company's carpooling service GrabHitch app. It included users' names, license plate numbers and wallet balances.
While the PDPC said the issue was fixed in less than an hour, it said Grab should have tested the update before allowing users to install it .The panel also said it was the company's fourth privacy breach in the past two years.
“Given that the organization’s business involves processing large amounts of personal data on a daily basis, it is a significant cause for concern,” Yeong Zee Kin, deputy commissioner of the PDPC, told Bloomberg.
Last week, Reuters reported that Grab is in talks with potential investors as it seeks to raise up to $500 million to bolster its financial services division.
Among the companies planning to partner with Grab are Hong Kong-based AIA Group Limited, which offers life insurance services, as well as Prudential PLC, a British global insurance and financial services company.
A deal between Grab, AIA and Prudential will power Grab’s financial services products. In August, Grab expanded its services by offering consumer loans in Singapore along with wealth management products.
