Grab-backed GXBank opens up beta app to 20k users

GXBank, the Malaysian digital bank backed by Grab, is thrilled to announce the beta launch of its app, extending its services to a selected group of 20,000 users.

• Beta Phase: During this phase, users will have access to GXBank Savings Accounts, marking the start of an exciting journey towards financial inclusivity.

• “Pockets”: GXBank introduces a unique feature allowing users to create up to 10 "Pockets". These serve as dedicated savings goals, enabling users to manage their savings effectively.

• Interest Accumulation: Money stored in these "Pockets" will accrue daily interest of up to 3% annually. This feature helps users keep track of their savings progress while receiving helpful tips to achieve their goals faster.

• Consortium Formation: GXBank was established by a consortium, including GXS Bank from Singapore (a Grab and Singtel venture), and a host of Malaysian investors such as the local conglomerate Kuok Group.

• Mission: GXBank aims to bridge the banking gap by extending its services to unbanked and underserved individuals and MSMEs in Malaysia.

GXBank is fully licensed by Bank Negara Malaysia, ensuring user deposits are safe and backed up to 250,000 ringgit (US$53,000) by the government-insured firm Perbadanan Insurans Deposit Malaysia.