Malaysia Welcomes GXBank: Grab’s Digital Bank Commences Operations

Beta-testing to commence soon beginning with employees from GXBank, Grab and Kuok, with further roll-outs to wider public in stages.
(credit: GXBank)

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GX Bank Berhad (GXBank), led by Grab, has secured approval from the Minister of Finance and Bank Negara Malaysia (BNM) to commence operations, making it the first among the five digital bank licence applicants.

This milestone was achieved ahead of the April 2024 deadline set by BNM. After successfully completing an operational readiness review, GXBank has been granted permission to start its operations, effective 1 September 2023.

(credit: GXBank)

GXBank will utilise technology and innovation to cater to the requirements of underserved and unserved individuals, as well as micro and small medium enterprises (MSMEs).

Moreover, this digital-only bank will assist customers through multiple channels, including a dedicated banking app and round-the-clock customer support accessible via various platforms.

Pei Si Lai, a seasoned professional with over 25 years of experience in consumer and commercial banking, leads GXBank. The team, consisting of over 200 members, comprises more than 95% Malaysian employees from both the technology and finance sectors.

Pei Si Lai, CEO of GXBank (credit: GXBank)

Supporting GXBank is the newly appointed Board of Directors, spearheaded by Datuk 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.

Datuk Zaiton Mohd Hassan, Chairperson, Board of Directors (credit: GXBank)

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.

As operations commence, GXBank will initiate beta-testing of its app, initially involving employees from GXBank, Grab, and Kuok Group, before gradually expanding to a larger user base.

GXBank says this approach allows them consistently gather feedback and enhance the user experience prior to its full-scale public launch.

GXBank operates as a subsidiary of GXS Bank Pte. Ltd., a digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Ltd (Singtel). It also receives support from a consortium of Malaysian investors, including Kuok Group.

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