GXBank receives approval from Bank Negara to commence operations

KUALA LUMPUR: The Grab-led digital bank, GX Bank Bhd (GXBank) has completed an operational readiness review and has been approved to commence operations effective Sept 1, 2023, by the Minster of Finance and Bank Negara Malaysia (BNM).

The latest development makes GXBank the first of the five digital bank license applicants to receive approval, and it is ahead of the April 2024 deadline set by BNM.

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In a statement, GXBank said it will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME).

Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.

“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.

“We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape,” GX Bank chief executive officer Lai Pei Si said.

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“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.

The bank has also appointed its board of directors which will be 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.

With the commencement of operations, GXBank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll 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.

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.