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More than 750,000 users in less than a year: GXBank's extensive customer base signals nation's move to digitalisation | Scoop
GXBank is a subsidiary of GXS Bank Pte Ltd, a digital joint venture between Grab Holdings Ltd and Singtel with the support of a consortium of other Malaysian investors, including the Kuok Group. – Azim Rahman/Scoop pic, August 2, 2024
News

More than 750,000 users in less than a year: GXBank’s extensive customer base signals nation’s move to digitalisation

Nation’s first digital bank has also racked up over 13 million transactions via GX card and QR code since starting operations

Main Author Image
Qistina Nadia Dzulqarnain
Updated
3:27 PM MYT

 

KUALA LUMPUR – In less than a year, the nation’s first digital bank to be licensed by Bank Negara Malaysia (BNM), GXBank, has garnered over 750,000 users who have opened more than 800,000 savings accounts. 

The figures as of the end of last month, GXBank chairperson Datuk Zaiton Mohd Hassan said, are an encouraging increase from the bank’s initial 100,000 users within two weeks of its launch last November. 

The bank, which received BNM and the Finance Ministry’s approval to commence operations effective September 1 last year, has also recorded over 13 million transactions collectively via its GX card and QR code. 

In her opening speech at the officiating ceremony for the bank’s regional headquarters in First Avenue in Petaling Jaya here, today, Zaiton also unveiled the GX Untuk Semua initiative aimed at nurturing local tech talent while developing top industry practices and innovative solutions. 

02082024 - Majlis Perasmian Ibu Pejabat GXBank dan Pelancaran Pusat Kecemerlangan - AZIM RAHMAN
(From left) Grab CEO Anthony Tan; Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz; GXBank chairperson Datuk Zaiton Mohd Hassan; Prime Minister Datuk Seri Anwar Ibrahim; Digital Minister Gobind Singh Deo; GXBank shareholder Lim Soon Huat; and GXBank CEO Lai Pei Si at the launch ceremony today. – Azim Rahman/Scoop pic, August 2, 2024

“(GX Untuk Semua) is more than a national aspiration or a tech hub to us. It also symbolises the many big and small financial dreams of every Malaysian we hope to help fulfil. 

“Backed by a talented workforce of more than 95% Malaysians, we are at the forefront of addressing the real financial needs of every Malaysian,” she said. 

While GXBank’s financial inclusion initiative Impian GIGih has managed to provide bursaries to 1,200 recipients in Kelantan and Johor, GX Untuk Semua is seeking to leverage on the latest technological advances to supply financial access and sustainable solutions for the underserved.

Some of the competencies and solutions set to be introduced under the campaign are artificial intelligence (AI)-based solutions for risk and fraud management as well as lending initiatives for personal users alongside micro, small and medium enterprises. 

GX Untuk Semua is also part of the bank’s RM1.5 billion investment into Malaysia over the next five years, with the campaign targeted to solidify the nation’s position in the digital banking landscape. 

02082024 - Majlis Perasmian Ibu Pejabat GXBank dan Pelancaran Pusat Kecemerlangan - AZIM RAHMAN
Since the bank commenced operations, it has recorded over 13 million transactions via its GX card and QR code. – Azim Rahman/Scoop pic, August 2, 2024

The event today was officiated by Prime Minister Datuk Seri Anwar Ibrahim accompanied by Digital Minister Gobind Singh Deo and Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz. 

Also present at the function was GXBank chief executive officer Lai Pei Si, the bank’s board of directors and shareholders, Grab Holdings Inc CEO and chairman Anthony Tan as well as Grab Malaysia’s senior management. 

GXBank is a subsidiary of GXS Bank Pte Ltd, a digital joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) with the support of a consortium of other Malaysian investors, including the Kuok Group. – August 2, 2024

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