GXBank CEO Pei Si Lai / Photo credit: GXBank
Grab-led GXBank has secured approvals from the Minister of Finance and Bank Negara Malaysia to begin operating in the country as of September 1. It is the first of five applicants for digital bank licenses in Malaysia to get the green light.
GXBank was formed between a consortium comprising GXS Bank – the Singapore-based digibank from Grab and Singtel – as well as a group of Malaysian investors, including local conglomerate Kuok Group. It aims to provide services to unbanked and underserved individuals as well as MSMEs.
“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,” said Pei Si Lai, GXBank’s CEO.
The bank plans to beta-test its mobile app internally before rolling it out to the public.
In Singapore, GXS Bank logged almost US$3 million in deposits as of end-2022. The digibank recently increased its maximum deposit amount for savings accounts from S$5,000 (US$3,800) to S$75,000 (US$56,600).
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$1.36.
Editing by Putra Muskita and Lorenzo Kyle Subido
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