Grab-owned digital bank scores Bank Negara Malaysia approval

The bank started operations last 1 September.

GX Bank Berhad (GXBank), led by Grab, has become the first among the five applicants for a digital bank licence to receive approval to commence operations, ahead of the April 2024 deadline set by Malaysia's Ministry of Finance and Bank Negara Malaysia (BNM). 

GXBank has successfully completed an operational readiness review and started operations last 1 September.

The primary focus of GXBank is to utilise technology to serve the needs of underserved individuals, micro, and small medium enterprises (MSMEs). 

The digital-only bank will offer customer support through various channels, including a dedicated bank app and 24/7 support via multiple platforms.

GXBank boasts a team of over 200 professionals, with more than 95% of its employees being Malaysians from both the technology and finance sectors. 

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As GXBank commences operations, it plans to beta-test its app, starting with employees from GXBank, Grab, and Kuok Group. 

This phased rollout will allow GXBank to gather feedback and enhance the user experience before making it available to the broader public.

GXBank operates as a subsidiary of GXS Bank Pte. Ltd., a digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Ltd (Singtel), along with participation from a consortium of Malaysian investors, including the Kuok Group.