Grab, Singtel launch digibank GXS Bank

The consortium of Grab and Singtel has launched GXS Bank, Singapore’s first digital bank that focuses on everyday consumers and small businesses.

Charles Wong, Singapore CEO of GXS / Photo credit: Charles Wong on LinkedIn

GXS Bank said it aims to improve financial inclusion through tech and data. It has built infrastructure that would help it analyze data and extract insights, which it will use to roll out new features.

Its first financial product is the GXS Savings Account, which was designed with underserved individuals, self-employed entrepreneurs, and gig economy workers in mind.

The account has no minimum balance requirements and pays out interest daily, instead of the usual monthly scheme. The account also offers Savings Pockets, a feature that lets users allocate money from their accounts into separate piggybanks for short-term goals.

The digibank’s app will be available starting September 5 this year and will initially be rolled out to select employees and underbanked customers within the ecosystem of GXS, Grab, and Singtel. It will be rolled out progressively to the public thereafter.

“Over the coming months, we will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit,” said Charles Wong, Singapore CEO of GXS.

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GXS Bank was born out of Singtel’s partnership with Grab to acquire a digital full bank license from the Monetary Authority of Singapore. The consortium then also applied for a similar license from Malaysia’s central bank.