GXBank has expanded MSME financing access through a new CGC Digital partnership and broader use of alternative data for credit assessments.
The collaboration with CGC Digital, the fintech arm of Credit Guarantee Corporation Malaysia, allows eligible businesses to access financing of up to RM150,000 through a digital guarantee.
GXBank will also accept personal bank statements for business account applications and credit assessments, giving independent entrepreneurs and sole proprietors another way to formalise their business finances.
The move targets businesses that may not have a formal business credit history.
It is also aimed at helping address Malaysia’s RM90 billion MSME financing gap.
Kaushik Chowdhury, CEO of GXBank, said,
“Since the launch of GX Business Banking, our data-driven underwriting has led to over a thousand GX FlexiLoan users and approximately 70% loan usage rate across our business banking portfolio.
In just 30 days, our partnership with CGC Digital has seen over RM3.3 million in loan approvals – bridging the credit history gap through alternative data and digital guarantees. We are now further lowering barriers by accepting personal bank statements as income verification to help more entrepreneurs scale.”
The digital guarantee supports higher approved financing limits, with more than half of eligible customers opting in so far.
Yushida Husin, CEO of CGC Digital, said,
“This collaboration with GXBank reflects our commitment to advancing more inclusive and forward-looking financing models.
By integrating guarantee support within digital banking ecosystems, we are enabling financial institutions to serve segments that have traditionally been underserved, while giving MSMEs a more equitable pathway to access growth capital.”
GXBank noted that the use of personal bank statements reflects the reality that 70% of sole proprietors in the region still manage business expenses through personal accounts.
By accepting these statements for account registration and financing applications, GXBank aims to give entrepreneurs a formal entry point into business banking and help them build a verifiable business credit history.
