Currently in the pilot stage with selected customers, GXS Bank is on track to launch its business banking solutions in the first quarter of 2025 in Singapore, before a progressive rollout in Malaysia and Indonesia.
In Singapore, the bank will first provide its business banking services to sole proprietorships and micro-businesses, typically underserved by traditional business banking services. As such, they generally have unmet financial needs including access to loans for business expansion, says group head of business banking Vishal Shah.
He explains that the business banking products and services would include GXS Biz Account, which provides daily interest of up to 2.68% per annum (p.a.) and GXS FlexiLoan Biz, which provides flexible loans with rates from 4.99% p.a. This will be beneficial to younger businesses that do not have access to unsecured lending, Shah adds.
Aside from this, the bank is also aiming to introduce a new vehicle to its retail banking capabilities, which will be an investment product suite.
Group CEO Muthukrishnan Ramaswami says that this will allow the bank’s customers to invest in low risk, mostly fixed-income based unitised funds providing better returns than a savings account. Customers can invest from as low as $1 and will have access to daily liquidity.
As at September, GXS has disbursed over 200,000 loans in Singapore, with deposits growing 48% y-o-y.
See also: Deutsche Bank completes sale for US$1 bil US CRE loan portfolio
