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Empowering the underserved: GXBank lauds Budget 2025, pledges RM1.5 bil investment for MSMEs | Scoop
GXBank CEO Pei-Si Lai. – October 19, 2024
News

Empowering the underserved: GXBank lauds Budget 2025, pledges RM1.5 bil investment for MSMEs

Digital bank CEO expresses support for budget’s focus on inclusive growth, aiming to aid low-income families, small businesses, and education 

Scoop Reporters
Updated
10:28 AM MYT

 

KUALA LUMPUR – Budget 2025 is seen as a significant step towards fostering inclusive economic growth for all Malaysians, particularly those in underserved communities, according to GXBank CEO Pei-Si Lai. 

Highlighting the budget’s emphasis on “Ekonomi Madani, Negara Makmur, Rakyat Sejahtera,” she noted that the government’s commitment to ensuring no one is left behind aligns with the digital bank’s goals to support struggling families and small businesses in their financial journey.

Central to the budget are initiatives designed to alleviate financial burdens on low-income households, including the continuation of Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (Sara) programmes, which provide cash assistance to nine million Malaysians. 

“These measures bring direct relief to ordinary citizens coping with the cost of living, and digital banks like GXBank can play a key role in delivering this aid efficiently and securely,” Lai said in a statement from the company. 

By leveraging its digital capabilities, GXBank aims to facilitate a seamless and user-friendly distribution of government assistance, ensuring that funds reach eligible recipients swiftly thus easing the financial strain on working-class families.

Additionally, in recognising the vital role of micro, small, and medium enterprises (MSMEs) in driving economic growth, the budget has prioritised initiatives to improve financing for small businesses with increased funding allocations and a stamp duty waiver to ease access to credit. 

GXBank applauded these efforts and committed to supporting MSMEs through a RM1.5 billion investment over the next five years. 

“MSMEs are the backbone of our economy,” Lai remarked. 

“By providing more accessible financing, we empower entrepreneurs to scale their businesses and contribute meaningfully to the nation’s development.” 

The bank plans to launch new financial products and services tailored to small businesses in the coming months, aimed at fostering growth and resilience among local entrepreneurs.

The government’s push for comprehensive, nationwide 5G connectivity was another highlight, opening doors for increased digital accessibility. GXBank also said it sees an opportunity to collaborate with the government and other stakeholders to bridge the digital divide, aiming to facilitate better access to financial services and empowering individuals to take advantage of digital banking and government support.

“Expanding access to affordable devices and data packages for underserved communities is essential for financial inclusion,” said Lai. 

The proposed RM64.1 billion allocation for education marks a record investment, reinforcing the government’s focus on unlocking Malaysia’s potential through learning, which GXBank has aligned its initiatives with, especially through its financial literacy programme Impian GIGih. 

The programme aims to promote social mobility by equipping underserved communities with the knowledge and skills necessary for financial stability. 

“Education is a powerful tool for breaking the cycle of poverty, and every Malaysian deserves the opportunity to reach their full potential,” Lai added.

GXBank, Malaysia’s first fully digital bank, launched in September 2023 and is regulated by Bank Negara Malaysia. – October 19, 2024

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