GX Bank Berhad, recognized as the first digital bank in Malaysia, has officially launched its app, marking a notable advancement in the nation’s financial landscape. This launch is supported by Southeast Asia’s popular super app, Grab, signaling a transformative push for online banking in the region.
During the unveiling event, distinguished attendees included YBhg. Datuk Johan Mahmood Merican, Secretary General of Treasury at the Ministry of Finance, and Datuk Zaiton Mohd Hassan, Chairperson of the GXBank Board of Directors. They acknowledged the collaborative efforts that culminated in this significant milestone, highlighting the teamwork among shareholders, business partners, beta testers, and employees.
"The successful beta testing phase we have been conducting since our inception in September 2023 has been promising," said Pei Si Lai, CEO of GXBank. She added that approximately 50% of beta testers have engaged with the app's innovative "Pockets" feature, which allows users to set savings goals.
This feature aligns with findings from the recent RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023, which revealed a burgeoning need for savings among Malaysians. The study indicated that many individuals are prioritizing financial preparations for emergencies and personal aspirations such as vacations and investments.
Datuk Zaiton Mohd Hassan shared her appreciation for the guidance provided by Bank Negara Malaysia. "We are committed to making banking seamless, convenient, and accessible for all Malaysians," she stated, underscoring GXBank’s ambition to foster a financially sound and inclusive society.
The direction of GXBank is reflective of the determined spirit of homegrown Malaysian brands that strive to make a substantial impact. Looking ahead, the bank has plans to introduce additional features including the GX Card in collaboration with Mastercard. This debit card will offer several perks such as limitless 1% cashback on all transactions, no foreign transaction fees, and a fee waiver of RM1 at more than 10,000 MEPS ATMs.
With a design that embodies GXBank’s brand identity, the GX Card aims to enhance the banking experience for all users. Notably, GXBank operates under the license of Bank Negara Malaysia and is backed by Perbadanan Insurans Deposit Malaysia (PIDM), ensuring deposit protection up to RM250,000 per depositor, which reinforces customer trust.
The app’s main accounts paired with the "Pockets" feature offer a competitive interest rate of 3% per annum, designed to motivate users to save for various objectives—from retirement savings to holiday funds. In addition, the app equips users with tools to monitor their savings progress and provides practical tips to help them achieve their financial goals efficiently.
As GXBank continues to carve its niche in the digital banking space, its focus on customer-centric innovation and financial literacy is poised to meet the evolving needs of Malaysian consumers. With a strong foundation and a commitment to enhancing financial inclusivity, GXBank is well-positioned to play a pivotal role in Malaysia's financial sector in the years to come.