GXBank officially launches in Malaysia, rolls out debit card

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Grab and Singtel-backed digital bank GXBank have launched its operations locally and has opened its app to all Malaysians.

Speaking at the bank's launch event on 30 November, GXBank CEO Pei Si Lai reportedly said he felt optimistic and encouraged to expand to the rest of Malaysia after months of testing amongst GXBank internal staff, shareholders, partners and selected Malaysians.

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Also present at the launch were Datuk Johan Mahmood Merican, secretary general of treasury at the Ministry of Finance, and Datuk Zaiton Mohd Hassan, chairperson of the GXBank board of directors.

In addition to launching the app, GXBank is reportedly rolling out its debit card, GX Card.

The GX Card is a partnership between GXBank and Mastercard and will offer unlimited 1% cashback for every online and offline spend on the card. It also offers zero markups or fees on foreign transactions.

Additionally, GX Card will offer a RM1 fee waiver when used at MEPS ATM nationwide. Users who spend at Jaya Grocer will also receive 1.5x GrabReward points.

This launch comes months after a beta run in November where thousands of users created 'Pockets' using the app's savings goal feature. Under 'Pockets', customers can earn an interest of 3% per annum.

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

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.

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