Malaysia-based digital bank GXBank (GX Bank Berhad) celebrated its first anniversary and unveiled the latest financial products to help Malaysians and MSMEs achieve their financial goals with the inaugural ‘GX 2.0 – Next Starts Now’.
The event also saw the launch of TeXnovasi, a collaborative effort between GXBank and Grab Malaysia, and supported by Cradle Fund Sdn Bhd (Cradle), MYStartup and 1337 Ventures which aims to build an inclusive and sustainable tech-based entrepreneurship ecosystem in Malaysia.
Pei-Si Lai, Chief Executive Officer of GXBank, said, “We now have almost one million Malaysians who have chosen us to support their financial journey. Collectively, they have made more than 24 million transactions and set up more than 900,000 Savings Pockets. With these insights about our customers, we are excited to now support Malaysians with lending facilities to support their financial goals.”
“Additionally, in line with our mission, we are also excited about our partnership with industry leaders like Grab Malaysia, Cradle Fund, MYStartup and 1337 Ventures which will see us play an active part in growing Malaysia’s talent and tech startup ecosystem together,” she said.
GX FlexiCredit will roll out progressively from November 2024 onwards to Malaysians. Eligible Malaysians who meet the necessary requirements can get instant approval of up to MYR150,000 credit limit within minutes and disbursement, which means customers have the flexibility of getting immediate cash drawdown (with interest only on the drawdown amount) with zero fees if they choose to settle repayment early.
Meanwhile, GXBank’s GX Biz Banking aims to be a one-stop solution for the business community to open an account and have a more convenient access to financing support.
GX Biz Account offers the first fully digital onboarding for businesses and daily interest payouts.
Beginning with merchants in Grab Malaysia’s ecosystem, GXBank aims to roll out GX Biz Banking to small businesses across Malaysia by the first quarter of 2025.
Meanwhile, TeXnovasi by GXBank and Grab Malaysia aims to elevate the Malaysian tech startup scene through public-private partnerships.
The program will provide personalised mentorship from industry leaders, alongside expert-led workshops on innovation, market entry, and securing investment.
Local startups who are passionate about creating impactful solutions to address Malaysia’s financial needs can apply to be part of the accelerator program via the GXBank website.
Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle enthused, “TeXnovasi is more than a platform – it’s a catalyst for Malaysia’s tech entrepreneurs to scale beyond borders, turning visionary ideas into real-world solutions.”
“At Cradle, we are committed to building an ecosystem that not only supports local innovation but also empowers startups to access larger markets, fuelling growth and fostering a connected and resilient ecosystem through cross-border collaboration. Together with our partners, we hope TeXnovasi will become the avenue to support the nation’s goal of building a tech-centric, future-ready workforce and position us as the region’s technology hub.”
Present at the event were also partners such as Grab Malaysia, Jaya Grocer, Moomoo, PayNet and Shopback who will be offering customised deals and promotions for customers in the coming months.
Grab-led GXBank to invest $333M in Malaysia over the next five years