The Association of Banks in Malaysia (ABM) has announced that GXBank and Boost Bank have joined as new members.
GXBank was the first digital bank to launch in Malaysia and now has close to 1 million users who have made more than 24 million transactions and set up more than 900,000 Savings Pockets.
To celebrate its first year anniversary on 5 November 2024, GXBank unveiled a 2.0 version that offered expanded offerings including loans for retail users and MSMEs.
The digital bank also announced launch of launch of TeXnovasi, a collaborative programme to strengthen Malaysia’s tech startup ecosystem.
GXBank has partnered with Grab Malaysia, Cradle Fund, MYStartup and 1337 Ventures in a bid to advance Malaysia’s talent and tech startup ecosystem.
Meanwhile, Boost Bank emerged as the first homegrown digital bank had unveiled its new debit card in October and plans to offer SME financing in the near future.
Dr Amina Kayani, Executive Director of ABM, said,
“The entry of digital banks like GX Bank and Boost Bank signals a shift towards a banking ecosystem where ‘traditional’ and digital banking entities are united in their purpose. By fostering collaboration across this spectrum, ABM is strengthening an industry that remains adaptable, resilient, and focused on meeting the diverse needs of our society.
We are excited to see the contributions these digital players will bring in advancing financial inclusion, customer-centric innovation, and sustainable growth for the benefit of all Malaysians.”
Featured image credit: Edited from Freepik
