Grab and Singtel's GXBank gets approval to operate in MY from Bank Negara Malaysia

GXBank, a subsidiary of GXS Bank and the digital bank joint venture between Grab and Singtel, has received the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM for the approval of digital brank licenses. GXBank is the first of the five digital bank license applicants to receive the approval to commence operations. The approval follows the digital bank’s operational readiness review and is effective immediately.

With its operations, GXBank aims to leverage technology and innovation to serve the needs of unserved and underserved individuals as well as micro and small medium enterprises (MSME), according to a statement by the brand. The digital-only bank will also be supporting customer needs through channels that include a bank app and 24/7 customer support.

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“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses,” said Pei Si Lai, CEO of GXBank.

“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,” she added.

Supporting GXBank is a newly appointed board of directors, spearheaded by Zaiton Mohd Hassan. Hassan brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion.

“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,” added Hassan.

With the commencement of operations, the bank will begin beta-testing its app - starting with its employees from GXBank, Grab and Kuok Group - and will progressively roll this 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, it said. 

As Malaysia expands its digital banking industry, it has also been ramping up efforts to promote improved payment methods for inbound and outbound Malaysian travellers as Payments Network Malaysia (PayNet) and Ant Group have recently signed a Memorandum of Understanding (MoU).

Through the partnership, travellers to Malaysia will enjoy digital payments with over 1.8 million merchants nationwide while Malaysian residents will be able to pay with e-wallets from their home country abroad, according to a statement by the brand.

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