GXBank, Malaysia’s first digital bank, has announced plans to establish a Regional Center of Excellence (COE) for Shared Services in Malaysia by the end of 2024.
The COE aims to serve Grab-led digital banks, and financial and operational services in the region and is poised to create nearly 400 new jobs, focusing on core banking operations, technology, and risk management.
This development is part of GXBank’s broader investment strategy, which includes injecting RM1.5 billion into the Malaysian economy over the next five years, thereby transforming the region’s digital finance landscape.
This initiative, in partnership with Southeast Asian superapp Grab, aims to enhance Malaysia’s standing as a hub for technological innovation and digital advancement in line with the government’s KL20 initiative.
Aligning with KL20’s goals, the COE will utilise Malaysia’s dynamic infrastructure and progressive policies to advance the nation’s status as a leader in innovation.
To support the development of local talent, GXBank and Grab have also partnered with non-profit organisation Endeavor Malaysia to mentor high-potential entrepreneurs, aiming to accelerate their growth through the ScaleUp and TEGAS: Scale Sarawak Programme.
This initiative will focus on honing leadership skills, developing effective business strategies, and utilising innovative technology and data.
GXBank’s LinkedIn page will be updated with all upcoming job opportunities. Additionally, local startups interested in participating in Endeavor Malaysia’s upcoming ScaleUp Programme Cohort 5 and TEGAS: Scale Sarawak Pilot Programme are encouraged to register their interest online here.
Pei-Si Lai, Chief Executive Officer of GXBank said,
“Building on our current more than 400-strong team, we want to harvest and nurture the rich talent we have in Malaysia. We aim to create a dynamic environment in which they can challenge the status quo, raise the overall competencies and create best-in-class practices in the digital finance industry.
We are eager to answer the government’s call to action; with their support, we are well positioned to serve Grab-led digital banks in the region. Our collective mission is to serve the millions of financially underserved individuals, facilitating their intergenerational social mobility and boosting the region’s overall economy.”
Adelene Foo, Managing Director of Grab Malaysia said,
“Working with Endeavor gives us the meaningful opportunity to give back, sharing our knowledge and experiences to assist our country’s burgeoning startups in realising their full potential.
With physical presence regionally and global R&D centres, we bring a wealth of experience in identifying and addressing hyperlocal needs whilst navigating various regulatory, socio-economic and technological terrains.”
Featured image: Pei-Si Lai, CEO (fourth from right) with the GXBank and Grab teams at KL20 Summit
