GXBank has completed an operational readiness review and has been approved to commence operations eﬀective Sept 1, 2023, the bank said in a statement on Tuesday.

GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms, it added.

The lack of access to ﬁnancial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of ﬁnancial access, coupled with the unprecedented events over the last few years, have eroded ﬁnancial buﬀers for individuals, households and businesses, the bank noted. Since the pandemic, 55 percent of Malaysians’ household income has decreased dramatically, with almost 50 percent now claiming to have diﬃculty raising at least MYR1,000 ($214.49) as emergency funds.

GXBank, with more than 95 percent Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.

“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Bhd.

Supporting GXBank is the newly appointed Board of Directors, spearheaded by Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.

Zaiton shared that the board is excited to be part of GXBank’s journey to drive real change and the reinvention of Malaysia’s financial sector. “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational&nbsp;banking experience. We hope this will enable moreMalaysians to be financially independent, creating a better future for themselves, their families and the country,” said Zaiton.

With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including&nbsp;<a href="https://www.kuokgroup.com/">Kuok Group</a>, founded by Malaysia’s richest tycoon Robert Kuok.

In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.

<h1>GRAB-LED DIGIBANK GXBANK BECOMES FIRST TO GET MALAYSIA CENTRAL BANK'S APPROVAL TO COMMENCE OPERATIONS</h1>The Grab-led digital bank, GX Bank Bhd (GXBank), is the ﬁrst of the ﬁve digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.GXBank has completed an operational readiness review and has been approved to commence operations eﬀective Sept 1, 2023, the bank said in a statement on Tuesday.GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms, it added.The lack of access to ﬁnancial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of ﬁnancial access, coupled with the unprecedented events over the last few years, have eroded ﬁnancial buﬀers for individuals, households and businesses, the bank noted. Since the pandemic, 55 percent of Malaysians’ household income has decreased dramatically, with almost 50 percent now claiming to have diﬃculty raising at least MYR1,000 ($214.49) as emergency funds.GXBank, with more than 95 percent Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Bhd.Supporting GXBank is the newly appointed Board of Directors, spearheaded by Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.Zaiton shared that the board is excited to be part of GXBank’s journey to drive real change and the reinvention of Malaysia’s financial sector. “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational&nbsp;banking experience. We hope this will enable moreMalaysians to be financially independent, creating a better future for themselves, their families and the country,” said Zaiton.With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including&nbsp;<a href="https://www.kuokgroup.com/">Kuok Group</a>, founded by Malaysia’s richest tycoon Robert Kuok.In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.Banking made better
At GXS, we are a digital bank on a mission to make banking better for Singapore's everyday consumers and small businesses.(+65) 3105 2055
help@gxs.com.sg

System / Website / Application development

Mobile app

Banks / Credit unions

Credit card / Loan

The Grab-led digital bank, GX Bank Bhd (GXBank), is the ﬁrst of the ﬁve digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.

GRAB-LED DIGIBANK GXBANK BECOMES FIRST TO GET MALAYSIA CENTRAL BANK'S APPROVAL TO COMMENCE OPERATIONS

HR / Recruitment

Skin care / Cosmetics / Hair products

Internet service

Film / Drama

Magazines / Books / Publications

Marketing / Research

Diet / Health food / Supplement

Childbirth / Childcare

Interior / Furniture / Storage

Mobile device

Servers / Peripherals

Network / Network Equipment

Electronic components / Semiconductors / Electrical equipment

Department stores / Supermarkets / Convenience stores / Stores

Wholeseller

Manga / Anime

Arcade Game

Toys / Playsets / Dolls

Car / Car Supplies

Motorcycles / Motorcycle Supplies

Daily necessities / Household goods

Garden / DIY

Shoes / Bags

Jewelry / Accessories

Kids / Baby / Maternity

Food / Sweets

Soft Drinks / Alcoholic drinks

Restaurant / Fast food / Streetfood

Eating at home / Delivery

Fitness / Healthcare

Medical / Hospital

Pharmaceuticals

Pets / Pet Supplies

Gifts / Flowers

Love / Marriage

Funeral

Hotels / inns

Travel / Sightseeing

Theme Park / Amusement park

Residential / Condominium

Commercial facilities / Office buildings

Architecture / Space design

Construction / Civil engineering

Advertising / Promotion / PR

Sales

Management Consulting

Think tank

Legal / Patent / Intellectual Property

Logistics / Warehouse / Cargo

Steel / Metal / Glass / Earth / Stone / Rubber

Chemistry

Electricity / Gas / Resources / Energy

Nature / Weather

School / University

Cram school / Preparatory school / Online education

Life insurance / Non-life insurance

Mobile games

Cooking / Home appliances

Health and Beauty appliances

Application

Ladies' Fashion

Men's Fashion

Accounting

Environment / SGDs / Recycling

International activity

Full time job / Part-time job / Career

E-commerce

Music

Internet Service Provider / Line connection

Camera

AV equipment

Consumer Games

Outdoors / Mountain Climbing

Welfare / Nursing / Rehabilitation

Qualifications / Study Abroad / Language

Childcare / Early childhood education

Securities / FX / Investment Trusts

Moving

Politics / Government / Local government

Volunteer

Agriculture / Forestry / Fisheries

Bicycle / Bicycle Supplies

Female Related

Venture Capitals

Coaching / Mentoring / Consultation

Automotive / Motorcycle / Bicycle

Automotive / Automotive Supplies

Interior / Goods

Real Estate / Architecture / Construction

Software

Blockchain / Web3

Security

Telecommunications / VoIP

Show Business

Comedy

Finance

We're only a tap away on your mobile phone. You can find us on the GXS app and on your favourite apps, such as Grab and Singtel Dash.

