What defines a truly great leader?
For Pei Si Lai, CEO of GXBank, it’s not about personal accolades or being irreplaceable.
Instead, her idea of success is both refreshing and profound: it’s when the organization thrives without her.
“When I measure my own success, I think I’m only successful when the impact I’ve had continues without me and beyond me,” she says.
@fintechnewsnetwork Are You Truly Successful as a Leader? Pei Si Lai, CEO, @GXBank talks about how she measures success as a leader, recalling back the best compliment she received in her professional career. #leadership #digitalbank #grab #fintech #womenempowerment #womeninfinance #fyp #foryou ♬ original sound – Fintech News Network
In today’s era of digital transformation, where banking is being reimagined through technology and innovation, Pei Si is a standout leader.
Not just because she’s at the helm of Malaysia’s first digital bank, but because of the legacy she’s building – one rooted in empowerment and sustainability.
In a Banking After Hours episode, Pei Si reflected on her journey with Vincent Fong of Fintech News Network and Taruni Ramamurthi of AWS.
Their conversation offered more than just insights into GXBank’s operations and revealed a deeper story of leadership, innovation, and what it takes to build a purpose-driven organisation from the ground up.
Leadership That Inspires: Lessons from Pei Si Lai
A Legacy of Change
Pei Si’s career is a masterclass in adaptability and impact-driven leadership.
After spending 23 years at Standard Chartered Bank, she didn’t just move to another established institution but she leapt into the unknown by taking on the monumental task of launching GXBank.
Surprisingly, she made the decision in just three days.
“The jump was easier than I thought,” she said, showcasing the courage that defines her leadership style.
Her vision of success goes beyond personal milestones.
Empowering Through Purpose
To Pei Si, purpose and passion are non-negotiables.
She encourages others to pursue work that genuinely excites them, saying, “Find the purpose in whether it’s the career or the life you decide to take.” That passion, she believes, is the fuel that keeps people going when challenges arise.
Just as important is self-awareness.
Knowing your strengths and weaknesses gives you clarity and confidence, which are vital when navigating the twists and turns of a demanding career.
GXBank: A Technology Company Offering Financial Services
Redefining Financial Inclusion
GXBank isn’t just another bank. It’s more of a tech company that happens to provide financial services.
Well, that’s how the CEO of GXBank, Pei Si Lai describes it, and the distinction matters.
From the outset, GXBank has been laser-focused on serving the underserved and promoting financial inclusion – goals that align with Malaysia’s broader nation-building efforts.
And the results speak for themselves.
In less than two weeks, GXBank acquired 100,000 customers, a feat that would take traditional banks years to achieve.
What’s even more impressive is that as of today, the bank now boasts close to 1 million users who have made more than 24 million transactions and set up more than 900,000 Savings Pockets.
It’s a testament to how technology can transform customer acquisition and engagement in ways we could only dream of a decade ago.
Innovation at the Edges
What sets GXBank apart is its willingness to experiment.
It operates with the nimbleness of a startup, rolling out Minimum Viable Products (MVPs) and refining them based on customer feedback.
“We want to play at the edges… that’s where innovation starts,” Pei Si said.
Of course, transitioning from a structured legacy bank to a startup wasn’t without its challenges.
Pei Si credits the success of this shift to assembling a team that understands where to push boundaries while respecting necessary guardrails.
“Having the right team to understand where the guardrails are, and knowing when to take calculated risks, is crucial,” she explained.
AWS and the Role of Bias for Action
GXBank’s success also owes in part to its partnership with AWS, whose principles align perfectly with the bank’s.
Taruni Ramamurthi from AWS pointed out how speed and innovation are crucial in today’s economy.
“Bias for action… boils down to speed matters,” Taruni said, explaining how AWS helps GXBank deliver rapid, transformative solutions.
@fintechnewsnetwork Don’t Suffer From Analysis Paralysis Taruni Ramamurthi, Head of FSI, Malaysia & Philippines shares how Amazon’s leadership principle “Bias for Action” is key for the banking industry where their competitors are becoming nimbler. @amazonwebservices ♬ original sound – Fintech News Network
This bias for action is one of Amazon’s 16 leadership principles.
It means that speed matters, and with customers like GXBank, AWS also needs to move faster, especially since banks are facing more competition these days and cannot just “business as usual.”
One story that stood out was how AWS supported a Thai bank in creating the Robin Hood app.
Launched in just three months during the pandemic, the app connected street food vendors with tuk-tuk drivers for deliveries, helping both groups survive in a tough economic climate.
It’s a perfect example of how technology, when paired with the right mindset, can create meaningful change.
The Cultural Pillars of GXBank
Courage, Curiosity, and Compassion
At GXBank, the culture revolves around three C’s – courage, curiosity, and compassion.
These principles aren’t just slogans. They guide how the team works, innovates, and interacts with each other and their customers.
Pei Si emphasised the importance of compassion, not just for customers but also within the organisation.
Building a supportive environment where employees feel cared for and valued is crucial. It’s what keeps the team motivated, even when the work gets tough.
“One year feels like ten,” she joked, a nod to the intense but rewarding nature of building something from scratch.
Lessons for Traditional Organisations
The shift from traditional to digital banking is far from easy.
Pei Si believes it starts with self-awareness and she believes that leaders need to understand their comfort zones and decide if they’re ready to embrace change.
For those who are, resilience and agility are essential. Adapting quickly and staying focused on the bigger picture is key to navigating the challenges of transformation.
But it’s not just about personal readiness.
Leaders must also communicate their vision clearly and ensure the frameworks they create are sustainable.
She insists on building systems that can outlast their creators, enabling the organisation to thrive independently. A culture of experimentation and calculated risk-taking is also vital – without it, innovation stalls.
The Personal Touch
Pei Si’s approach to leadership is also deeply personal.
It’s about more than just building a great organisation; it’s about imparting values that resonate beyond the workplace.
For her, passion and purpose are at the heart of success. Pursuing work that aligns with your values makes the journey rather fulfilling and rewarding.
She also stresses the importance of knowing yourself which includes your strengths, your weaknesses, and what you’re willing to sacrifice.
Her ability to balance a demanding career with family life is a testament to her resilience and adaptability.
Above all, she champions courage which is the willingness to take risks and step into the unknown, even when failure is a possibility.
Pei Si Lai of GXBank Calls For a Future-Proof Banking Ecosystem
GXBank’s journey is proof that combining technology, innovation, and purpose-driven leadership can change the game.
Under Pei Si Lai’s guidance and with support from partners like AWS, GXBank is not only redefining financial inclusion but also setting new benchmarks for what digital banking can achieve.
As the industry continues to evolve, GXBank serves as a reminder that the future belongs to those who embrace change, foster resilience, and build for the greater good.
Watch the full discussion in Banking After Hours: Pei Si’s Three C’s of Running GXBank
