GXBank Launches Beta App in Malaysia

Published 7 months ago

Malaysia’s first digital banking licensee, GXBank Berhad, has announced the launch of its beta app. As of November 14, 2023, an exclusive group of 20,000 Malaysian users will have access to the app. This follows a successful internal testing phase involving the bank’s employees and partners.

A Subsidiary of GXS Bank Pte Ltd

GXBank is a subsidiary of Singapore’s GXS Bank Pte Ltd, a joint venture between Grab Holdings Limited, Singapore Telecommunications Limited (Singtel), and a consortium of other Malaysian investors, including the Kuok Group.

Addressing the Needs of Underbanked Malaysians

The beta stage of the GXBank app has been designed to cater to the needs of young, underbanked Malaysians. It features an accessible interface and robust safety measures, reflecting the bank’s commitment to user security and trust.

The Chief Technology Officer at GXBank, Fadrizul Hasani, highlighted the collaborative effort in the app’s creation, involving more than 95% of its Malaysian workforce from the finance and technology sectors.

A Pathway to Savings

A key feature of the app is the ability for users to open a GXBank Savings Account and create up to 10 savings “Pockets”. These are designed to encourage a savings culture, enabling users to allocate funds for various goals and earn up to 3% p.a. in daily interest.

Access and Security Measures

The app is currently available for download from the Google Play Store or Apple App Store for whitelisted users. After uploading a digital copy of their national identity MyKad, users will need to complete an electronic Know Your Customer (eKYC) procedure to tie the GXBank app to their unique identity and device.

GXBank, licensed by Bank Negara Malaysia, offers several security measures to protect its users, including deposits backed by Perbadanan Insurans Deposit Malaysia (PDIM) up to RM250,000 per each depositor.

Perks for Users

Users can enjoy benefits such as RM20 cashback on minimum deposits, waived processing fees for cash withdrawals at MEPS ATMs, and unlimited cashback on debit card spending.

A Vision for Financial Inclusivity

GXBank’s launch aligns with Bank Negara Malaysia’s goal of bolstering economic inclusivity for underbanked Malaysians and encouraging better financial habits. Pei Si Lai, GXBank’s Chief Executive Officer, stated the bank’s commitment to developing a digital banking experience tailored to the financial needs of Malaysians of all generations.