GX Bank Berhad (GXBank) is officially rolling out its beta app to selected 20,000 Malaysian users effective 14 November 2023. This comes after successfully testing the beta app amongst employees of the bank and partners.
As the first digital bank to commence operations in Malaysia, the GXBank App boasts a clean and easy navigation interface with key safety functions to secure users’ trust and security. Each step of the app-building process is in line with regulatory expectations and norms, to ensure it is in line with the technical requirements of a digital bank and prioritising the safety and security of users’ data and funds.
Fadrizul Hasani, Chief Technology Officer of GXBank, shared that the beta app is a product of an inter-company, multi-team collaboration and customers feedback. “We leveraged the combined learnings from our partners, their techstack and their deep understanding of their customers to develop something we hope will address the needs of Malaysians. With their support and knowledge, we have built a convenient, seamless, fuss-free and secure digital banking app, compatible with all mobile phones with the latest operating system. This enables us to offer digital banking services to users of all financial capabilities and tech understanding.”
Helping Malaysians Achieve their Savings Goal
During the beta-testing phase, users will be able to create a GXBank Savings Account and up to 10 “Pockets.”
“Pockets” are savings goals to encourage users to cultivate a saving behaviour for specific needs and dreams. Users can save up for a variety of purposes such as their retirement plan, an upcoming holiday or even for a new home. Money parked in “Pockets” will earn daily interest of up to 3% p.a., and users can monitor their savings progress and receive periodic tips to fast-track their savings goals.
Asides from being licensed by Bank Negara Malaysia, GXBank is also protecting and earning users’ peace of mind by:
- Assuring all deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), up to RM250,000 for each depositor,
- Enabling users to lock and secure their accounts if they observe any fraudulent or unauthorised transactions, and
- Limiting daily spending to help users not overspend.
Other benefits users can enjoy are:
- RM20 cashback with a minimum deposit of RM100
- Waiver on RM1 processing fee for cash withdrawals at MEPS automated teller machines (ATMs) nationwide (coming soon)
- Unlimited cashback every time they spend with our debit card (coming soon)
GXBank Chief Executive Officer, Pei Si Lai shared that this is just the beginning of a whole suite of financial services, products and benefits GXBank has lined up to help Malaysians achieve and reclaim their financial independence and goals. “As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations. As a bank built predominantly by Malaysians, we are uniquely positioned to understand and develop financial solutions that address the needs and challenges of the everyday Malaysian. We are one step closer to our nation’s vision of a financially resilient country where Malaysians can have equitable access to financial products that cater to their individual needs, without the intimation and hassle of elaborate paperwork, processes and jargon,” said Pei Si.
“We are honoured to be entrusted by Bank Negara Malaysia to help Malaysians achieve their financial dreams, regardless how big or small – all with a few simple taps on their mobile device, tucked in their physical pockets,” she further added.
Sign up and start saving in minutes
GXBank promises users a seamless and hassle-free eKYC (electronic Know Your Customer) and account setup process. To set up an account, users will need to follow these four simple steps:
- Download the app from the Google Play Store of Apple App Store
- Upload a digital copy of the national identity card (MyKad)
- Complete the eKYC process as stated in the app
- Add a minimum of RM10 into the savings account and set up Pockets (if so desired)
For the existing Grab users, the GXBank app can be accessed through the Grab App itself.
Malaysians interested to be part of subsequent testing phases can register here.
