GXBank launches beta version: Malaysia's first digital bank

Digital Reinvention
26/11/2023 News

GXBank, led by Grab, has officially introduced the beta version of its digital banking app, marking the debut of Malaysia's inaugural digital bank. The beta release, exclusively available to 20,000 Malaysians, follows GXBank's early approval to commence digital banking operations, bypassing the operational readiness phase faced by other licensees.

According to Techwire Asia, this digital banking pioneer, a subsidiary of GXS Bank, underwent successful internal testing with employees and partners, solidifying its position as a front-runner in Malaysia's evolving financial landscape.

Presently, GXBank concentrates on savings accounts, offering an impressive 3.00% annual interest rate credited daily. During the beta phase, users can create GXBank Savings Accounts and allocate funds to up to 10 "Pockets," dedicated to specific savings goals.

Notably, the eKYC process is seamless, accessible on major app stores, and subject to a waiting list for interested individuals. To use GXBank, users must have an existing local bank account, with a mandatory minimum deposit of RM10.

Security is paramount, with features such as biometric verification, daily spending limits, and account locking to combat unauthorized transactions. Users also enjoy perks like a RM20 cashback reward, a six-month GrabUnlimited subscription, and deposit protection of up to RM250,000.

Looking forward, GXBank plans to support multiple languages upon its official launch. GXBank CEO Pei Si Lai expressed enthusiasm, stating, "We are one step closer to our nation's vision of a financially resilient country where Malaysians have equitable access to tailored financial products, without the hassle of elaborate processes." The official launch promises an enhanced digital banking experience, catering to the diverse financial needs of Malaysians.

Related news & insights

SME Banking
23/02/2024 News

Griffin launches Foundations: BaaS integration for UK companies

Griffin, a leading UK bank and Banking as a Service (BaaS) platform, has introduced Foundations, an early access program tailored...

Digital Reinvention
22/02/2024 Article

Banking on the Cloud: 7 major banking trends for 2024

The 2024 Banking on the Cloud report combines insight from analyst firms and global consultancies with knowledge gained by working...

Digital Reinvention
22/02/2024 News

Tonik introduces 'Luv Stash' for couples: Joint savings made easy

Tonik Digital Bank is revolutionizing savings for couples in the Philippines with its latest offering, the 'Luv Stash.' This unique...

Digital Reinvention
21/02/2024 News

Revolut launches robo-advisor for automated investing in France

Revolut has introduced its Robo-Advisor service in France, offering automated investment solutions tailored to individual client needs. This innovative tool...

Digital Reinvention
21/02/2024 News

Revolut unveils AI-powered defense against card scams

This innovative tool, developed internally by Revolut's financial crime team, leverages cutting-edge machine learning technology to identify and intercept potential...

Digital Reinvention
21/02/2024 News

Rakuten Bank hits 15 million customer milestone

Rakuten Bank, the digital banking giant, recently celebrated a remarkable feat: exceeding 15 million customer accounts by February 11, 2024.

Insurance
21/02/2024 News

Fixle empowers homeowners with innovative maintenance solutions

Fixle, a tech startup born out of American Family Insurance, is now an independent company led by industry veterans Dave...

Digital Reinvention
20/02/2024 Article

Halyk Bank's digital upgrade: Elevating customer experience with advanced storage solutions

As digital demand surged, Halyk's storage infrastructure faced strain. Legacy systems struggled to cope with increased traffic and transaction volumes,...