Grab-backed digital bank GX Bank Berhad (GXBank) has officially opened its app to millions of Malaysians.
Looking ahead, GXBank will progressively be rolling out additional features which will also include their debit card – GX card and how its various features will benefit Malaysians, GXBank said in a statement on Thursday.
“Since we commenced operations in September 2023, we have tested our app to thousands of beta testers, almost 50 percent have created ‘Pockets’ – the app’s savings goal feature. Emergencies, holidays and investments are the top three reasons our customers are saving for,
“Following the months of testing amongst GXBank internal staff, shareholders, partners and selected Malaysians, we feel optimistic and encouraged to now expand to the rest of Malaysia,” said Pei Si Lai, Chief Executive Officer of GX Bank.
According to the statement, this is in tandem with the recent RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023 indicating Malaysians want to save more as currently their savings can only last up to three months.
This resonates with GXBank’s purpose for introducing “Pockets” to encourage the habit of saving especially amongst the younger generation.
“Many Malaysian brands began with a humble vision and through time, built themselves to be household names. The tenacity of many of these homegrown brands inspire us as we have built the bank with Malaysia in mind – making banking seamless, convenient and accessible to all,
“The journey was a challenging one, but we are humbled by the support of many to get us to this moment. As Malaysia’s digital bank, we look forward to continued partnerships to
realize our vision to build a financially resilient and inclusive nation,” said Zaiton Mohd Hassan, Chairperson of the GXBank Board of Directors.
Lai further expressed the excitement for the launch of the GX Card as it symbolizes a tangible way for the bank to connect with customers.
“As a digital bank, we are born of tech with no physical branches,
“This makes our GX Card very special to us as it is currently the only physical manifestation of GXBank that customers can proudly keep in their pockets,” she added.
The GX Card, a partnership between GXBank and Mastercard offers rewards such as unlimited 1 percent cashback for every online and offline spend with the card, zero markups or fees on foreign transactions, MYR 1 ($0.21) fee waiver when used at 10,000+ MEPS ATM nationwide, and 1.5 times GrabRewards points when users spend at Jaya Grocer.
Additionally, the design of the card boasts the brand’s distinct colors and aims to differentiate it amongst others when placed in the wallet, making it distinctly recognizable.
GXBank is licensed by Bank Negara Malaysia and all deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to MYR 250,000 ($53,733) for each depositor, which is inline with regulatory standards.
Customers can earn daily interest of 3 percent per annum when they park their money in the main accounts or “Pockets”, which are savings goals to encourage them to cultivate a saving behavior for their needs and dreams.
They can save for a variety of purposes such as their retirement plan, an upcoming holiday or for a new home.
Through the app, they can also monitor their savings progress and receive periodic tips to fast-track their savings goals.
GXBank is Malaysia’s first digital bank that commenced operation on September 1, 2023.
With a workforce of almost 99 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.
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.