Grab injects $109M to GXS Bank's capital

In a significant move, Grab has committed an extra S$145.1M (US$109M) towards GXS Bank, its digital banking venture in partnership with Singapore's Singtel. This comes after Grab's previous investment of US$101M in GXS Bank back in July 2023.

• Digital Banking Regulations in Singapore: According to guidelines set by the Monetary Authority of Singapore, a company must demonstrate the capacity to amass a minimum paid-up capital of S$1.5B (US$1.1B) to be considered as a fully operational digital bank.

• Competitors in the Landscape: GXS Bank's main competitors are Sea Group's MariBank and Trust Bank, the result of a partnership between Standard Chartered Bank and FairPrice Group. Unlike its counterparts, Trust Bank operates as a full bank rather than a digital full bank, which exempts it from a deposit cap.

• Key Leadership Appointment: In the previous year, GXS Bank appointed Muthukrishnan Ramaswami as its Group CEO to oversee its business operations in Singapore and Malaysia.

GXBank, a subsidiary of GXS Bank, marked its debut in Malaysia in November 2023. This launch positioned GXBank as the first digital bank to operate in the country.