GXS Bank launches in SG targeting gig-economy workers

Grab and Singtel have launched Singapore’s first digital bank for consumers and businesses with the first product being the GXS Savings Account. The Bank said it aims to “revolutionise banking services for its customers by leveraging its technological capabilities” and the collective power of the GXS, Grab and Singtel ecosystem.

The bank targets Singapore’s underserved segment who remain unbanked in the gig economy. Charles Wong, Singapore CEO of GXS, said, “GXS is a homegrown bank on a mission to support the needs of the entrepreneurs, gig economy workers and early-jobbers in our community. To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams.”

Wong added that over the coming months, it will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit.

GXS’ first financial product is the GXS Savings Account, which is designed to address the gaps that hinder consumers such as those who are gig economy workers, self-employed entrepreneurs and early-jobbers from reaching their saving goals.

Currently on the marketing front, initiatives are led by CMO Lian Ju Han. Lian was previously with UOB for six years as SVP and regional Engagement Lab head for TMRW. According to his LinkedIn, the Engagement Lab is responsible for building active relationships between customer and bank by using data driven insights and behavioral recommendations.

He also previously worked with Publicis as strategic planning director  working with clients such as Audi, AXA Life Insurance and L'Oreal. He has also worked with the likes of DDB and JWT.

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