Grab’s GXBank First Digibank to Receive BNM Approval to Kick Off Operations

GX Bank Berhad (GXBank), the Grab-led digital bank, has been granted approval to begin operations effective 1 September 2023 by the Minister of Finance and Bank Negara Malaysia (BNM).

This 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.

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

GXBank aims to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME) through various channels including a bank app and 24/7 customer support via multiple platforms.

The bank will begin beta-testing its app, starting with its employees from GXBank, Grab and Kuok Group, and then will be progressively rolling out its services to a wider pool of users.

GXBank, which has over 200 employees, will be led by Pei Si Lai who brings with her over 25 years of extensive experience in consumer and commercial banking.

“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. 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 Lai, CEO, GXBank.

GXBank has also appointed its Board of Directors that will be spearheaded by Datuk Zaiton Mohd Hassan.

“We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience.

 

We hope this will enable more Malaysians to be financially independent, creating a better future for themselves, their families and the country,”

said Datuk Zaiton.