GXBank’s new app undergoes beta testing to select users in Malaysia

Grab-backed Malaysian digital bank, GXBank, has unveiled its beta app to 20,000 selected users in Malaysia. This comes after successful internal beta app testing with the bank’s employees and partners.

Through the beta app, users will be able to create a GXBank Savings Account and deposit money in up to ten “Pockets”. The “Pockets” aim to encourage users to cultivate saving habits, enabling them to save for a variety of purposes such as retirement, holidays, or homeownership. These deposits will earn daily interest of up to 3% per annum.

Users can also monitor their savings progress and receive tips on reaching their savings goals through the app.

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GXBank also committed to protecting users’ peace of mind through safeguards such as its Bank Negara Malaysia (BNM) license. It also assured users that all deposits will be protected by insurance firm, Perbadanan Insurans Deposit Malaysia (PDIM), for up to RM250,000 for each depositor.

Users can also lock and secure their accounts if they observe any fraudulent or unauthorised transactions, adding another level of safety functions.

“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,” said Pei Si Lai, chief executive officer of GXBank.

“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,” Pei added.

Fadrizul Hasani, chief technology officer of GXBank, also added that the beta app was built on the combined learnings from the bank’s partners and customers. As a result, the app aims to be a convenient, secure, and seamless platform that caters to users’ different financial capabilities and tech understandings.

GXBank, which seeks to empower financial resilience in Malaysians, is backed by a consortium including Grab, Singtel and Kuok Brothers.

The digital bank was licensed to operate in Malaysia by BNM in September 2023. This was achieved ahead of the April 2024 deadline set by BNM for the approval of digital bank licenses, making GXBank the first of the five digital bank license applicants to receive the approval to commence operations.

“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, at the time.

“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 was a newly appointed board of directors, spearheaded by Zaiton Mohd Hassan. “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,” Hassan said at the time.

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