GXBank is giving Malaysia’s smallest businesses a digital boost with a new business banking platform and lending options.
The bank has launched GX Business Banking alongside its flagship Jaguh Niaga Programme to support micro, small and medium enterprises (MSMEs).
Initially rolled out for sole proprietors, the platform offers a fully digital way to open and manage business accounts and access financing.
GX Business Banking provides two main products. The first is the GX Biz Account, which can be opened online in under eight minutes without physical documents. It has no monthly fees or minimum balance.
Account holders earn daily interest of 1 per cent per year, with up to 1.5 per cent bonus interest for ecosystem partners. Customers also have access to 24/7 support.
The second product, GX Biz FlexiLoan, offers up to RM150,000 in financing with approvals in minutes and flexible repayment terms of up to three years.
GXBank says the loan carries no hidden charges and no penalty for early settlement.
Borrowers can reduce their interest charges by paying down loans early because interest is calculated on a daily basis.
The Jaguh Niaga Programme aims to empower 10,000 MSMEs nationwide by combining inclusive financing through GX Business Banking with a suite of digital tools.
These include customer acquisition through the Grab platform, HR management solutions and digital payments.
GXBank is working with local partners such as du-it, Swipey and PulseLink to provide these services.
Feedback from early users also guided improvements to the business account and loan features.
“We first piloted GX Business Banking with Grab merchant-partners, and their feedback and response was overwhelmingly positive, especially the unparalleled convenience and additional savings. They appreciated that approval for a business loan is in minutes with instant access to cash. Similar to our retail deposits, business owners earn daily interest on their GX Biz Account.
For GX Biz FlexiLoan, they can choose flexible repayment terms of up to 3 years, with no penalty for early settlement, and also, earn interest charge reduction on their loan repayments. Additionally, their feedback allowed us to refine our products – from improving our credit models to approval speed, and data-fraud prevention,”
said Prasanna Rao, Chief Commercial Officer (SME), GXBank.
“In line with our mission to the underserved community, with GX Business Banking and the Jaguh Niaga Programme, we’re not only setting new industry standards but also investing in MSMEs that power more than 95% of Malaysia’s economy.
Banking shouldn’t be a barrier to growth – we’re reimagining it by leveraging technology and bringing together partners with intuitive tools that share our passion to help entrepreneurs save time and money. Ultimately, Jaguh Niaga is about them becoming champions of their trade,”
added Hildah Hamzah, Deputy Chief Executive Officer and Chief Operating Officer, GXBank. – FINTECH NEWS MALAYSIA
