Grab-backed digital bank GXBank is on track to establish a regional center of excellence (COE) for shared services in Malaysia.

Slated to be operational by the end of 2024, the COE aims to serve Grab-led digital banks, and financial and operational services in the region, Grab said in a statement on Wednesday.

According to the statement, the COE is set to progressively offer almost 400 roles focusing on core banking activities such as banking operations, technology and risk management among others.

It is noted that establishing the COE is part of GXBank’s MYR 1.5 billion (314 million U.S. dollars) investment into Malaysia over the next five years, positioning the country as a central hub to revolutionize the region’s digital finance and banking landscape.

GXBank’s COE will leverage the country’s dynamic infrastructure and progressive policies, aligning with the Malaysian government’s purpose to elevate Malaysia as an innovation hub, leading technology and digital advancements.

According to Pei-Si Lai, Chief Executive Officer of GXBank, the COE is part of the bank’s long-term goal to not only become the digital bank of choice for Malaysians but also to
cultivate high-value skills that will enhance the region’s digital banking industry.

“Building on our current more than 400-strong team, we want to harvest and nurture the rich talent we have in Malaysia,” she said.

She noted the firm aims to create a dynamic environment in which they can challenge the status quo, raise the overall competencies and create best-in-class practices in the digital finance industry.

“We are eager to answer the government’s call to action; with their support, we are well positioned to serve Grab-led digital banks in the region,

“Our collective mission is to serve the millions of financially underserved individuals, facilitating their intergenerational social mobility and boosting the region’s overall economy,” she added.

In alignment with Malaysian governemtn focus on building capable tech talent, top talents from Grab and GXBank will also be working with Endeavor Malaysia to help mentor selected local, high-potential entrepreneurs to accelerate their growth.

According to the statement, Endeavor Malaysia’s ScaleUp and TEGAS: Scale Sarawak Program will see personnels from both companies working with local start-up entrepreneurs to hone their leadership skills, develop business and marketing expansion strategies, and harness the power of innovative technology and data.

“As a Malaysian homegrown company that has flourished to be the leading superapp in the region, we are cognizant of our roots and grateful for the support we received in our early
days, including early funding from Cradle,

“Working with Endeavor gives us the meaningful opportunity to give back, sharing our knowledge and experiences to assist our country’s burgeoning start-ups in realizing their full potential,” said Adelene Foo, Managing Director of Grab Malaysia.

With physical presence regionally and global research and development (R&D) centers, she said they bring a wealth of experience in identifying and addressing hyperlocal needs whilst navigating various regulatory, socio-economic and technological terrains.

She added that leaders from Grab, including some of the founding members, and GXBank have been carefully selected based on their respective scope in product and tech, operations and marketing, and strengths in leading highly dynamic teams to achieve business impact.

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

The bank 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 is a superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors.

The firm is serving over 700 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Grab-backed GXBank officially open to Malaysians