GXBank, Grab-led Digital Bank First To Receive BNM Approval

GXBank, Grab-led Digital Bank First To Receive BNM Approval

GX Bank Berhad (GXBank), the Grab-led digital bank, has taken a historical step as it is the first of the five digital bank licence applicants to receive the approval to commence operations. The governing authorities are from the Minister of Finance and Bank Negara Malaysia (BNM).

This is ahead of the April 2024 deadline set by BNM. As of now, GXBank has been confirmed to have successfully completed an operational readiness review. It is allowed to commence operations effective 1 September 2023.

Contact via bank app and 24/7 communication channels

GXBank seeks to utilise technology and innovation to bring its services to the unserved, underserved, and micro and small medium enterprises (MSME). The digital-only bank will support customers’ needs through a bank app and 24/7 customer support via multiple platforms and channels. 

The lack of financial access and the consequences thereof have long been an issue to Malaysians and businesses alike. Additionally,  the unprecedented events over the last few years, have eroded financial buffers for individuals, households and businesses.

According to GXBank, 55% of Malaysians’ household income has decreased dramatically. Almost 50% now claim to have difficulty raising at least RM1,000 as emergency funds since the pandemic.

If you are unsure as to what a digital bank can offer you, you can check out this article that compares digital banks to traditional banks.

Helping all Malaysians to be financially resilient

The bank aims to make use of current technology and extensive finance expertise to empower local communities and businesses.

“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, GX Bank Berhad. 

“Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. 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 is the newly appointed Board of Directors, spearheaded by Datuk Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion.

“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.” said Datuk Zaiton.

Employees from GXBank, Grab and Kuok Group to beta-test the app

With the bank’s commencement of operations, beta-testing for the GXBank app will soon begin. It will first be Employees from GXBank, Grab and Kuok Group will be the first to test the app. It will then be progressively rolled out to a wider pool of users.

This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.

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