Malaysia’s first digital bank, GXBank, announced that it has reached over 500,000 users since its inception in November last year.
Pei-Si Lai, Chief Executive Officer, GXBank said in a LinkedIn post,
“On behalf of all the staff & management of the Bank, we want to thank our users for trusting and believing in us. In over 200 days since we launched, the reception that we’ve received from our fellow Malaysians has been truly humbling and nothing short of extraordinary!
Fellow GXBank staff and partners, this 500K users milestone belongs to all of you. We would not have been able to achieve so much, so meaningfully and in such a short time without your passion, commitment and single minded purpose to change how Malaysians bank in Malaysia.”
In order to sign up for a GXBank account, users will need a valid MyKad, a Malaysian-registered mobile number, a valid email address, and an existing bank account with another local bank.
GXBank offers a range of offerings including online savings account that accumulates daily interest of 3% p.a. without minimum balance requirements or lock-in periods.
Additionally, customers can create multiple savings pockets to manage different financial goals, all while earning the same interest rate.
The bank also provides an unlimited cashback card, rewarding users with 1% cashback on all transactions and offering benefits like fee waivers at over 10,000 MEPS ATMs nationwide.
For those traveling or making purchases abroad, the card ensures fair exchange rates without hidden fees.
GXBank has enhanced its digital offerings by enabling customers to use DuitNow QR codes for money transfers between friends and family, as well as payments at stores displaying DuitNow QR codes.
GXBank had also recently formed a 10-year bancassurance partnership Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia to rollout affordable micro protection insurance products for underserved Malaysians.
The digital bank had recently launched Impian Gigih Biasiswa, its inaugural scholarship programme designed to support Malaysian students.
The scholarship offers comprehensive benefits including matriculation support, full tuition fees, living and accommodation allowances, learning and development programmes, and an overseas immersion programme.
