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Grab-led digital bank GXBank aims to bridge local market gaps
Published on: Monday, April 08, 2024
By: Bernama
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Grab-led digital bank GXBank aims to bridge local market gaps
GXBank saw 100,000 user sign-ups within two weeks of its November launch, with another 100,000 registering for GX debit cards in February. (GXBank pic)
Kuala Lumpur: Grab-led digital bank GX Bank Bhd (GXBank) aims to provide financial facilities to the underserved market, expand the retail segment and address the needs of the micro, small and medium-sized enterprises (MSMEs), said its CEO Lai Pei-Si.

“Financial inclusivity remains a key driver for us, and it will require collective industry effort to bring us a step closer to financial resilience for an entire nation, starting with the underserved,” she said.

Lai said that in less than two weeks after its launch on Nov 30, 2023, 100,000 users were onboard, and another 100,000 GX debit card users were registered after the card was launched end of February 2024.

“We are humbled and inspired by the tremendous support from Malaysians. (Hence), we will continue to build our products with Malaysians in mind and seek strategic partnerships to extend the impact of digital banks as well as address the immediate needs of underserved Malaysians,” she said.

In the wake of its 100-day milestone, Lai emphasised that the digital bank would continue to leverage technology to better serve Malaysians at large.

“We listen to and appreciate all the feedback that we receive from customers and will continue to do so, to iterate and improve our application features and product offerings,” she said.

She said the digital bank also plans to harness the strength of its Malaysian workforce, which comprises over 90% of its talent pool, to develop customised products and solutions tailored to local needs.

As for product offerings, it has launched “Impian GIGih” and “Sepoket Impian”.

Lai said “Impian GIGih”, which was launched in March this year, is aligned with the bank’s core mission of driving financial inclusion and literacy among Malaysians as well as empowering the underserved segment, with a focus on gig workers and the B40.

“We have also launched the ‘Sepoket Impian’ campaign in line with our brand purpose, aiming to inspire Malaysians to take their first step towards realising their dreams with GXBank,” she added.

Furthermore, in preparation for the upcoming Hari Raya Aidilfitri celebration, the bank has announced an exclusive Raya promotion feature, “Savings Pockets”, aimed at encouraging Malaysians to continue saving.

The limited-time promotion offers a 5% per annum daily interest, starting from April 10 until May 9, 2024.

GXBank is a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd, and a consortium of other Malaysian investors, including the Kuok Group.

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