The digital banking landscape in Malaysia has expanded with the recent launch of GXBank’s app, designed to provide users with their first experience in a digital banking environment. Being one of the early licensees from Bank Negara Malaysia (BNM), GXBank aims to revolutionize how banking is conducted in the country.
Prior to its official debut, GXBank conducted a successful beta testing program involving 20,000 local users, which followed an internal testing phase with employees and partners. This extensive testing helped refine the app's features and functions before it reached the wider public.
One significant highlight of the GXBank app is the GX Card, which has been developed in collaboration with Mastercard. This debit card not only allows for unlimited 1% cashback on all transactions but also waives fees for foreign transactions. "As the only physical representation of GXBank, we take great pride in our GX Card,” said Pei Si Lai, CEO of GXBank.
Cardholders also benefit from a RM1 fee waiver for transactions at over 10,000 MEPS ATMs nationwide and accrue 1.5x GrabRewards points when shopping at Jaya Grocer. These features are designed to maximize value for users, making everyday spending more rewarding.
In terms of savings, GXBank differentiates itself by offering a competitive daily interest rate of 3% per annum on deposits placed in users’ main accounts, or "Pockets." This initiative encourages Malaysians to save for various life milestones such as retirement, vacations, or purchasing homes. "Emergencies, holidays, and investments are the top three reasons our customers are saving for,” said Pei Si Lai, emphasizing the importance of financial planning within the app's framework.
Since its operations began in September 2023, nearly half of the beta testers created their saving "Pockets," showcasing an eagerness among users to engage with the platform. With a focus on helping users monitor their savings progress, the app also provides personalized tips for achieving financial goals.
GXBank operates under the security regulations set by BNM, ensuring that all deposits are insured up to RM250,000 per depositor through Perbadanan Insurans Deposit Malaysia (PIDM). This level of protection helps foster trust among prospective customers.
GXBank is a subsidiary of Singapore’s GXS Bank, a venture that combines expertise from superapp Grab and telecommunications provider Singtel, alongside various Malaysian investors, including the Kuok Group. This diverse background enhances the bank's potential to cater to a broad audience in the Malaysian market.
The app is readily available for download on both the Google Play Store and Apple App Store, making it accessible to a wide range of smartphone users.
During the launch event, Datuk Zaiton Mohd Hassan, the Chairperson of the GXBank Board of Directors, articulated the bank’s vision for the future. "Many Malaysian brands began with a humble vision and built themselves to be household names. The tenacity of these homegrown brands inspires us as we have built the bank with Malaysia in mind – making banking seamless, convenient, and accessible to all.”
He acknowledged the challenges faced in their journey thus far but expressed gratitude for the support received which facilitated their path to this pivotal moment. Datuk Zaiton added, "As Malaysia’s digital bank, we look forward to continued partnerships to realize our vision for a financially resilient and inclusive nation."
With its innovative approach and dedicated focus on user experience, GXBank looks set to make a significant impact on Malaysia's banking scene. The positive reception during its beta phase and the ambitious plans outlined by its leaders indicate a promising outlook for the future of digital banking in the country.