How do you derive the 2% cashback in GrabRewards points?

GrabRewards points issued are based on the destination currency charges on Grab and converted into Singapore Dollars based on the following exchange rates. The following exchange rates are fixed and will be used throughout this campaign period to award GrabRewards points:

Example of how it works:

• When John spends MYR 20 on a Grab ride in Malaysia with his GXS Debit Card, here’s how his rewards are calculated:
• Exchange rate: SGD to MYR exchange rate is fixed at 3.3294
• Currency Conversion: MYR 20 ÷ 3.3294 = SGD 6.01.
• Reward Rate: 2% of SGD 6.01 is equivalent to 60 Points (≈ SGD 0.12); as every 500 GrabRewards points you earn can be used to offset S$1 of your purchases.

The exchange rates above only apply for awarding GrabRewards points under this Campaign. Mastercard exchange rates will apply for GXS Debit Card transactions.

Refer here for the campaign terms and conditions.