The fine imposed by Personal Data Protection Committee (PDPC), which is responsible for protection of personal data in Singapore, addresses an incident that took place last year, when the application for cell phones Grab reported information to more than 21.500 users.
Bloomberg reported that the breach was the result of an update to GrabHitch, the company's carpooling service. It included names, license plate numbers and users' wallet balances.
While the PDPC said that problem in less than an hour, said Grab should have tried the update before it was allowed to install by users. In addition, the commission said it was the fourth personal data breach of the company in the last two years.
"Because the agency's business involves processing large volumes of personal data on a daily basis, it is a major cause for concern," said Yeong Zee Kin, PDPC Deputy Commissioner at Bloomberg.
Last week, Reuters reported that Grab was in talks with potential investors as it sought to raise up to $ 500 million to bolster its financial services division.
Between Companies intending to partner with Grab are Hong Kong-based AIA Group Limited, which offers life insurance services, and Prudential PLC, a UK-based global insurance and financial services company.
An agreement between Grab, AIA and Prudential will supply Grab financial services products. In August, Grab expanded its services by offering consumer loans in Singapore along with wealth management products.