Grab-led GXBank to kick off operations in Malaysia

Exciting news from the digital banking sector - GXBank, the digital bank backed by Grab, has successfully become the first of five contenders in Malaysia to secure regulatory approval for operation.

• New Approval: This notable achievement meets Bank Negara Malaysia's operational readiness review deadline set for April 2024. As such, GXBank will spring into action from the 1st of September.

• Innovative Formation: GXBank is an innovative collaboration between the Singapore-based GXS Bank (a Grab and Singtel venture) and a group of Malaysian investors featuring the Kuok Group.

• Pandemic Impact: The issue of limited access to financial services, particularly for disadvantaged communities and MSMEs is a longstanding one with significant consequences. GXBank identified that since the onslaught of the pandemic, there's been a drastic drop in household income for 55% of Malaysians, with nearly half struggling to muster at least MYR1,000 ($215) as emergency funds. This statistic underscores the urgent need for more accessible and inclusive financial solutions.

• App Testing: GXBank is preparing to beta-test its mobile app internally before its public launch, ensuring a seamless user experience.

• Impressive Track Record: In Singapore, GXS Bank had an impressive record of nearly $3M in deposits by the end of 2022. It has recently raised its maximum deposit limit for saving accounts from S$5,000 (US$3,800) to S$75,000 (US$56,600), reflecting confidence in its services and value proposition.

GXBank is all set and committed to providing a financial safety net for those who need it most.