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Malaysia has just witnessed the emergence of its first digital bank, GXBank. This banking utility, a subsidiary of Singapore’s GXS Bank, made its official debut following a successful beta version release earlier this month.

  • Unique Features: GXBank offers a lucrative annual interest rate of 3% for users who maintain their savings in the main account or the ‘Pockets’ feature. This app’s savings goal feature assists customers in tracking their savings progress while providing handy money-saving tips.
  • Users’ Response: GXBank’s CEO, Pei Si Lai, revealed that ‘Pockets’ was warmly welcomed by the bank’s users, with almost half of the beta testers utilizing this feature.
  • Future Plans: GXBank plans to introduce ‘GX Card’, a debit card developed in partnership with Mastercard. The launch date is yet to be announced.
  • Partnership: GXBank is a joint venture between GrabSingtel, and a consortium of other Malaysian investors, including Kuok Group.
  • Safety Assurance: GXBank ensures the safety of its users’ funds. Deposits up to 250,000 ringgit ($53,717) per user are protected by insurance firm Perbadanan Insurans Deposit Malaysia.
  • Licensing: GXBank was the first among five digital bank license applicants in Malaysia to receive official authorization to operate. Other license holders include a consortium led by Sea Group and YTL Digital Capital, and another comprising Boost Holdings and RHB Bank.

In addition to its presence in Singapore and Malaysia, Grab and Singtel have extended their reach to Indonesia. They invested in Emtek Group-owned Bank Fama International, which has now transformed into a digital bank, ‘Superbank’.

In Singapore, GXS Bank recorded deposits amounting to nearly $3M by the end of last year and increased its maximum deposit limit for savings accounts significantly.

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