GXS' head of regional office Reuben Lai exits

Grab and Singtel launched digital bank GXS’ executive director and head of regional office, Reuben Lai (pictured), will leave the Bank at the end of 2022. Along with his resignation as an executive director, Lai will be stepping down from his appointment as a director in GXS’ Board in Singapore. He remains a director on the Board of the digital bank in Malaysia, confirmed the bank.

Lai was involved in the bank’s establishment earlier this year, after getting a digital licence in 2020 and was seen as a core member of the team. The bank targets Singapore’s underserved segment who remain unbanked in the gig economy. At launch, 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.”

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

Another notable exit from the team was Ankur Mehrotra, who quit as managing director of Grab Financial after a six years. Grab Financial was a key component to the app’s ambition of becoming a superapp in the region. It was launched by Grab in 2018, and currently its digital wallet GrabPay is widely used across the Southeast Asia region.

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