KUALA LUMPUR (Nov 30): GX Bank Bhd, spearheaded by Grab, has officially made its digital banking services available to the public, distinguishing itself as the first of the five licensees from Bank Negara Malaysia to launch its offerings.
The digital bank's journey began with a thorough beta-testing phase, which included around 20,000 Malaysians as testers after initial trials were conducted with its employees and partners. The app was seamlessly integrated into daily financial activities, allowing users to set up personal savings goals.
"Since the commencement of our beta-testing in September 2023, nearly half of our testers have created 'Pockets' for their savings goals," said Pei Si Lai, CEO of GX Bank. The 'Pockets' feature is designed to help users meet their financial objectives, whether for emergencies, holiday expenses, or investment opportunities.
Pei expressed confidence in the bank's prospects, stating, "After months of rigorous testing with our internal staff, shareholders, and select Malaysians, I am optimistic about our app's expansion to the broader Malaysian population."
GXBank plans to enhance its offerings further by rolling out the GX Card, which has been developed in partnership with Mastercard. This card promises a variety of advantages, including unlimited 1% cashback on all transactions and no fees for foreign transactions.
Additionally, cardholders will enjoy a waiver of the RM1 fee when using it at over 10,000 MEPS ATMs across the country. Moreover, users spending at Jaya Grocer will earn 1.5x GrabRewards points, positioning the GX Card as a versatile financial tool for everyday use.
As a licensed entity by Bank Negara Malaysia, GXBank assures its customers that all deposits are protected by the Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 for each depositor. This regulatory endorsement reinforces GXBank’s commitment to providing a secure banking environment.
Customers can also benefit from a competitive interest rate, earning daily interest of 3% per annum when funds are placed in their main accounts or 'Pockets'. This feature is strategically appealing for encouraging saving habits among users.
The GXBank app is accessible for download on both the Google Play Store and Apple App Store, making it easy for users to begin their digital banking journey. For additional information and details about the bank's services, interested customers can visit GXBank’s official website.
In summary, GXBank's entry into the digital banking landscape marks a significant advance in Malaysia's financial services sector, promising innovative features and a focus on meeting modern banking needs.