GXBank, the subsidiary of GXS Bank, is the first of five digital bank applicants to receive approval to commence operations. GXS Bank is the digital bank that’s backed by a consortium consisting of Grab Holdings and Singapore Telecommunications (Singtel).
The approval, which was given by Malaysia’s Minister of Finance and Bank Negara Malaysia, was made ahead of the April 2024 deadline set by the Malaysian central bank.
GXBank successfully completed an operational readiness review and has been approved to commence operations effective Sept 1.
The digital-only bank will leverage technology and innovation to serve the needs of the unserved and underserved individuals as well as micro, as well as small- and medium-sized enterprises (MSMEs).
GXBank is led by CEO Pei Si Lai, who has over 25 years in consumer and commercial banking.
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. The move will allow the bank to receive feedback and refine its user experience before launching to the broader public.
See also: Borneo challenge looms as Anwar marks two years as Malaysian PM
“Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. 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,” says Pei.
“We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience. We hope this will enable more Malaysians to be financially independent, creating a better future for themselves, their families and the country,” adds Datuk Zaiton, who is leading GXBank’s newly-appointed board of directors.
