It is the first of five digital bank license applicants to receive the nod to start operations from the minister of finance and Bank Negara Malaysia (BNM), ahead of the April 2024 deadline.
GXBank is a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) and a consortium of other Malaysian investors including Kuok Group.
In a statement yesterday, GXBank said it has completed an operational readiness review and has been approved to commence operations this month.
It added that it will utilise technology and innovation to serve the needs of the unserved and underserved individuals as well as the micro, small and medium enterprises (MSME).
The digitally-enabled bank will provide customers with a range of services including a bank application and 24/7 service support across multiple platforms.
The bank will begin beta-testing its application, starting with its employees from GXBank, Grab and Kuok Group and progressively roll out to a wider pool of users.
GXBank’s 200-strong team is led by CEO Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking.
She said the bank aspires to revolutionise banking and reshape Malaysia’s financial landscape.
“Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” she said.
Its newly-appointed board of directors is headed by Zaiton Hassan, who has over 30 years of experience in banking, auditing and risk management.