The Grab-led digital bank, GX Bank Berhad (GXBank), is the first of the 5 digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.
GXBank successfully completed an operational readiness review and has been approved to commence operations effective 1 September 2023. 💫💫💫
GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME).
Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.
Built for a Financially Resilient Malaysia by Malaysians
The lack of access to financial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of financial access, coupled with the unprecedented events over the last few years, have eroded financial buffers for individuals, households, and businesses.
Since the pandemic, 55% of Malaysians’ household income has decreased dramatically, with almost 50% now claiming to have difficulty raising at least RM1,000 as emergency funds.
GXBank, with more than 95% Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking.
 |
| Pei Si Lai, CEO, GX Bank Berhad |
The more than 200-strong team shares the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.
“Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Berhad.
With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab, and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.
GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.
Source: Grab
##################################################################
Related articles you may also love to read:
Background Check on all the Winners of Malaysia’s Digital Banking Licenses
Here are the 5 Digital Banks of Malaysia (with Boost getting the license)
Digital Banking ~ Will Traditional Banks go away?
~ End ~
Follow our active FB page via
Follow our Crowdfunding FB page via
Follow our e-wallet FB page via
No comments:
Post a Comment
Finance Malaysia Blog appreciates your comment. Cheers!