06/09/2023 (Malaysia) - GX Bank Berhad (GXBank), led by Grab, received approval from the Minister of Finance and Bank Negara Malaysia (BNM) to commence operations on September 1, 2023. GXBank became the first of five digital bank license applicants to gain approval, ahead of BNM's April 2024 deadline.
As a subsidiary of GXS Bank, a joint venture between Grab Holdings Limited, Singapore Telecommunications Limited (Singtel), and a consortium of Malaysian investors, including Kuok Group, GXBank aimed to serve underserved individuals and micro and small-medium enterprises (MSMEs) through various channels, including a mobile banking app and 24/7 customer support.
The bank initiated beta-testing with its employees from GXBank, Grab, and Kuok Group, progressively rolling out its services to a wider user base. GXBank, with over 200 employees, was led by Pei Si Lai, a seasoned professional with over 25 years of experience in consumer and commercial banking.
GXBank's mission was to redefine banking in Malaysia, leveraging Grab's innovative technology and fostering financial inclusion. The bank also aimed to collaborate with partners like Kuok Group to create a more financially inclusive Malaysia, ensuring that no one was left behind in the rapidly evolving fintech landscape.