Gabriel Budi Sutrisno · · 1 min readGrab injects additional $109m into subsidiary GXS Bank
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Grab has poured an additional S$145.1 million (US$109 million) into GXS Bank, its digital bank venture with Singapore-based telecom giant Singtel.
The investment follows the super app’s injection of US$101 million into GXS Bank in July 2023. According to the Monetary Authority of Singapore, a company must show its ability to raise a minimum paid-up capital of S$1.5 billion (US$1.1 billion) to become a functioning digital full bank.
Tech in Asia has reached out to GXS Bank for comments.
GXS’ competitors include Sea Group’s MariBank as well as Trust Bank, which was formed through a partnership between Standard Chartered Bank and FairPrice Group. However, the latter – unlike the other two – operates as a full bank instead of a digital full bank, allowing it to be exempt from a deposit cap.
Last year, GXS appointed banking veteran Muthukrishnan Ramaswami as its group CEO to lead its Singapore and Malaysia business.
GXBank, a subsidiary of GXS Bank, officially launched in Malaysia in November 2023 as the first digital bank to operate in the country.
See also: SG digibank GXS trails Trust in adoption as deposit cap hampers growth
Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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