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.

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