GXS Bank launches credit product for underserved SG consumers

GXS CEO Charles Wong / Photo credit: GXS

GXS Bank has introduced GXS FlexiLoan, a personal loan product combining features of a credit line and a personal installment loan. The Singapore-based bank’s unsecured term loan allows customers to make partial or full payoffs with interest savings and without early repayment fees.

Interest rates start from 3.8% per annum, depending on the person’s credit score.

Customers can make multiple loan drawdowns from their credit line without repeat underwriting and approval. They can also choose repayment terms that align with the date they receive their salaries.

GXS Bank was born out of Singtel’s partnership with Grab, which was awarded a digital full bank license from the Monetary Authority of Singapore in 2020.

The GXS FlexiLoan is available to all eligible individuals in Singapore and is GXS’ first unsecured credit product. The product follows the launch of GXS Savings Account in August 2022.

“With the launch of the GXS FlexiLoan, we are turning the spotlight on the barriers and hindrances in unsecured loan products that hold individuals back from stretching towards their goals,” GXS CEO Charles Wong said in a statement.

The GXS FlexiLoan can be used for tenures as short as two months. The product particularly targets gig workers, entrepreneurs, and early-career individuals.

The loan can be taken up by consumers that meet Singapore’s regulatory requirements, including a minimum annual income of S$20,000.

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Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.