Malaysia’s GXBank is the first of the five digital bank licence applicants to receive approval to commence operations in the country.
According to GXBank in a statement on September 6, it has received the approval from the Ministry of Finance and Bank Negara Malaysia (BNM), the country’s central bank.
GXBank is a subsidiary of GXS Bank Pte Ltd, a Singapore-based digital bank joint venture between ride hailing company Grab Holdings and mobile telecommunications services provider Singapore Telecommunications Ltd. Other investors in GXBank include Kuok Group, a conglomerate founded by Malaysian tycoon Robert Kuok.
GXBank Chief Executive Officer Pei Si Lai says the company aims to provide access to financial services to the unserved and underserved segments.
“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life,” she says in the statement.
GXBank says it will begin beta-testing of its app starting with its employees and those of Grab and Kuok Group.
