Malaysia’s GX Bank Berhad (GXBank) has expanded its GX Business Banking services for micro, small and medium enterprises (MSMEs), including higher financing limits and broader eligibility requirements for business account applications and credit assessments.
In a statement on Monday, GXBank said it now offers financing limits of up to RM150,000 ($37,760). The bank, supported by CGC Digital, the fintech arm of Credit Guarantee Corporation Malaysia, also accepts personal bank statements for business account registration and loan applications, a move aimed at helping sole proprietors establish formal business credit histories.
According to GXBank CEO Kaushik Chowdhury, the bank has recorded more than a thousand GX FlexiLoan users since the launch of GX Business Banking, with an estimated 70% loan usage rate across its business banking portfolio.
Chowdhury said that within 30 days of partnering with CGC Digital, more than RM3.3 million in loans had been approved. He added that the bank is using alternative data and digital guarantees to address financing gaps among underserved entrepreneurs.
The collaboration with CGC Digital introduces a digital guarantee framework designed to support higher approved financing limits. GXBank said more than half of eligible customers had opted into the program.
CGC Digital CEO Yushida Husin said the partnership can support more inclusive financing models for MSMEs, particularly businesses that have traditionally faced difficulties accessing credit.
GXBank said the acceptance of personal bank statements reflects the reality that many sole proprietors manage business transactions through personal accounts. The feature can provide a pathway for entrepreneurs to transition towards formal business banking and verifiable credit records.
MSMEs contribute approximately 40% to Malaysia’s GDP, according to GXBank.