GXBank receives green light to begin operations
Grab-led digital bank first of five licence applicants to get approval from finance minister and Bank Negara
Grab-led digital bank GX Bank Bhd (GXBank) is the êrst of êve licence applicants to receive approval to begin operations effective Sept 1 from the finance minister and Bank Negara Malaysia (BNM), ahead of the April 2024 deadline set by the central bank.
GXBank, which has completed an operational readiness review, will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises. Additionally, the digital-only bank will support customers’ needs through various channels including a mobile app and 24/7 customer support via multiple platforms.
GXBank, with more than 95% Malaysian employees from both the technology and finance sectors, is led by CEO Pei Si Lai (pic), who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.
“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,” said Pei Si
Standing on Grab’s legacy of innovative tech and economic inclusion, they hope to redefine banking and reshape Malaysia’s financial landscape.
“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,” said Pei Si
Supporting GXBank is the newly appointed board of directors, 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. Her previous roles in a variety of nonprofit organisations and local banks reflect her deep passion to build and promote sustainable growth for the financially underserved.
With the commencement of operations, the bank 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.