Grab, Singtel-backed GXBank launches full operations in Malaysia
The digital bank intends to roll out its own debit card in the coming months.
Grab and Singtel-backed GX Bank Berhad, stylized GXBank, has officially opened its app to all Malaysians.
This makes the Grab-backed entity the country’s first digital-only bank.
The official launch comes after initially commencing operations in September to thousands of beta users. GXBank CEO Pei Si Lai noted that almost half of these initial users have created “Pockets”, the app’s savings goal feature. Customers can earn the interest of 3% per annum. when they park their money in the main accounts or “Pockets.”
“Emergencies, holidays and investments are the top three reasons our customers are saving for. Following the months of testing amongst GXBank internal staff, shareholders, partners and selected Malaysians, we feel optimistic and encouraged to now expand to the rest of Malaysia,” Lai said, commenting during the bank’s launch event on 30 November.
GXBank shared plans to progressively roll out additional features, including their debit card, GX Card.
The GX Card, a partnership between GXBank and Mastercard, will offer rewards such as unlimited 1% cashback for every online and offline spend with the card, zero markups or fees on foreign transactions.
The card will also offer RM1 fee waiver when used at 10,000+ MEPS ATM nationwide, and 1.5x GrabRewards points when users spend at Jaya Grocer.
GXBank is licensed by Bank Negara Malaysia and all deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 for each depositor.
The launch event, taking place on 30 November, was attended by YBhg. Datuk Johan Mahmood Merican, Secretary General of Treasury at the Ministry of Finance; and witnessed by Datuk Zaiton Mohd Hassan, Chairperson of the GXBank Board of Directors, as well as Pei Si Lai, CEO of GXBank.