GX Bank Berhad, a digital bank backed by Grab, has officially opened its app to Malaysian users, marking a significant step in the country's fintech landscape. Launched just a few months after commencing operations in September 2023, the bank aims to provide innovative banking solutions that meet the needs of a diverse population.
In a recent statement, GXBank shared that it has been fine-tuning its app through extensive beta testing. “Since we commenced operations in September 2023, we have tested our app to thousands of beta testers, almost 50 percent have created ‘Pockets’ – the app’s savings goal feature. Emergencies, holidays and investments are the top three reasons our customers are saving for,” said Pei Si Lai, Chief Executive Officer of GX Bank.
The launch aligns with findings from the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023, which revealed a strong desire among Malaysians to increase their savings. The survey indicated that many citizens feel their savings would only last up to three months, reinforcing GXBank's mission to promote better saving habits. "This resonates with GXBank’s purpose for introducing ‘Pockets’ to encourage the habit of saving especially amongst the younger generation,” Pei added.
Echoing this sentiment, Zaiton Mohd Hassan, the Chairperson of the GXBank Board of Directors, reflected on the company's journey. “Many Malaysian brands began with a humble vision and through time, built themselves to be household names. The tenacity of many of these homegrown brands inspire us as we have built the bank with Malaysia in mind – making banking seamless, convenient and accessible to all,” Zaiton emphasized.
The bank has expressed optimism about its expansion across Malaysia following months of rigorous testing with internal staff, partner organizations, and selected customers. “The journey was a challenging one, but we are humbled by the support of many to get us to this moment. As Malaysia’s digital bank, we look forward to continued partnerships to realize our vision to build a financially resilient and inclusive nation,” Zaiton stated.
In addition to the app launch, GXBank is set to introduce the GX Card, a debit card that serves as a tangible connection between the bank and its customers. Pei Si Lai expressed enthusiasm about the upcoming card, noting, “As a digital bank, we are born of tech with no physical branches. This makes our GX Card very special to us as it is currently the only physical manifestation of GXBank that customers can proudly keep in their pockets.”
Developed in collaboration with Mastercard, the GX Card offers notable benefits including unlimited 1% cashback on every transaction—online and offline—zero fees on foreign transactions, and a waiver of MYR 1 ($0.21) for withdrawals at over 10,000 MEPS ATMs nationwide. Users can also earn 1.5 times GrabRewards points when shopping at Jaya Grocer, adding further value to the card.
The design of the GX Card is distinctive, incorporating the bank's signature colors to ensure it stands out in wallets. Customers can earn up to 3% annual interest on funds deposited into their accounts or “Pockets,” fostering a culture of saving for a range of goals like retirement, vacations, or future home purchases. “They can save for a variety of purposes such as their retirement plan, an upcoming holiday or for a new home,” the bank's representatives noted.
All deposits are insured under Perbadanan Insurans Deposit Malaysia (PIDM), covering up to MYR 250,000 ($53,733) per depositor, and comply with regulatory requirements set by Bank Negara Malaysia. This reassurance is expected to attract many users who are hesitant about digital banking.
With nearly 99% of its workforce being Malaysian, GXBank aims to disrupt traditional banking by delivering solutions tailored to the financial aspirations of Malaysians. As a subsidiary of GXS Bank, a joint venture with Grab Holdings Limited and Singapore Telecommunications Limited (Singtel), GXBank epitomizes the potential of fintech to facilitate financial resilience and empowerment among its users.
Looking forward, GXBank is poised to continue expanding its features and services, striving to fulfill its commitment to enhancing the digital banking experience for all Malaysians, especially the younger demographic eager to improve their financial literacy and savings habits.