GX Bank Berhad (GXBank), the Grab-backed Malaysian digital bank, is officially rolling out its beta app to selected 20,000 Malaysians users effective November 14, 2023.

This comes after successfully testing the beta app amongst employees of the bank and partners, GXBank said in a statement on Tuesday.

As the first digital bank to commence operations in Malaysia, the GXBank App boasts a clean and easy navigation interface with key safety functions to secure users’ trust and security.

Each step of the app building process is in line with regulatory expectations and norms, to ensure it is in line with the technical requirements of a digital bank and prioritizing the safety and security of users’ data and funds.

Fadrizul Hasani, Chief Technology Officer of GXBank, shared that the beta app is a product of an inter-company, multi-team collaboration and customers feedback.

According to him, the bank leveraged the combined learnings from its partners, their techstack and their deep understanding of their customers to develop something it hopes will address the needs of Malaysians.

“With their support and knowledge, we have built a convenient, seamless, fuss-free and secure digital banking app, compatible with all mobile phones with the latest operating system,

“This enables us to offer digital banking services to users of all financial capabilities and tech understanding,” he added.

During the beta-testing phase, users will be able to create a GXBank Savings Account and up to ten “Pockets.”

“Pockets” are savings goals to encourage users to cultivate a saving behavior for specific needs and dreams.

Users can save up for a variety of purposes such as their retirement plan, an upcoming holiday or even for a new home.

Money parked in “Pockets” will earn daily interest of up to 3 percent per annum, and users can monitor their savings progress and receive periodic tips to fast-track their savings goals.

Asides from being licensed by Bank Negara Malaysia, GXBank is also protecting and earning users’ peace of mind by assuring all deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), up to MYR 250,000 ($52,938) for each depositor.

It is also enabling users to lock and secure their accounts if they observe any fraudulent or unauthorised transactions, and limiting daily spending to help users not overspend.

Other benefits users can enjoy are MRY 20 ($4.24) cashback with a minimum deposit of MYR 100 ($21.18); waiver on MYR 1 (0.21) processing fee for cash withdrawals at MEPS automated teller machines (ATMs) nationwide (coming soon); unlimited cashback every time they spend with our debit card (coming soon).

GXBank Chief Executive Officer, Pei Si Lai shared that this is just the beginning of a whole suite of financial services, products and benefits GXBank has lined up to help Malaysians achieve and reclaim their financial independence and goals.

“As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations,” she said.

As a bank built predominantly by Malaysians, she said the bank is uniquely positioned to understand and develop financial solutions that address the needs and challenges of the everyday Malaysian.

“We are one step closer to our nation’s vision of a financially resilient country where Malaysians can have equitable access to financial products that cater to their individual needs, without the intimation and hassle of elaborate paperwork, processes and jargon,

“We are honored to be entrusted by Bank Negara Malaysia to help Malaysians achieve their financial dreams, regardless how big or small – all with a few simple taps on their mobile device, tucked in their physical pockets,” she added.

GXBank is Malaysia’s digital bank that commenced operation on September 1, 2023.

With a workforce of more than 95 percent Malaysians from both the finance and technology sectors, the bank aims to disrupt the current banking industry with customized innovative solutions that empower Malaysians to be financially resilient and support their financial goals.

Powered by Grab, GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.

Grab-led digibank GXBank becomes first to get Malaysia central bank’s approval to commence operations