X Bank Berhad (GXBank) has officially launched its digital bank app for the Malaysian public, one of the first Bank Negara Malaysia’s (BNM) licensees to do so.
The digital bank had previously undergone a beta testing phase with 20,000 local users following a successful internal testing with its employees and partners.
A key feature of GXBank’s digital offering is the GX Card, developed in collaboration with Mastercard. This debit card provides several benefits, including unlimited 1% cashback on all transactions with no fees on foreign transactions.
Cardholders will also get a RM1 fee waiver when used at 10,000+ MEPS ATM nationwide, and 1.5x GrabRewards points when users spend at Jaya Grocer.
GXBank also offers a daily interest rate of 3% p.a. on deposits when users park their money in the main accounts or “Pockets”. The bank aims to encourage users to save for various purposes like retirement, holidays, or home purchases. The app also provides tools for monitoring savings progress and tips for achieving savings goals.
Licensed by BNM, GXBank ensures that all deposits are protected up to RM250,000 per depositor by Perbadanan Insurans Deposit Malaysia (PDIM).
GXBank is a subsidiary of Singapore’s GXS Bank, a joint venture between superapp Grab and Singtel, along with a consortium of other Malaysian investors, including Kuok Group.
The GXBank app is available for download on the Google Play Store and Apple App Store.
Pei Si Lai
Pei Si Lai, CEO of GXBank shared,
“Since we commenced operations in September 2023, we have tested our app with thousands of beta testers, almost 50% have created “Pockets” – the app’s savings goal feature. Emergencies, holidays and investments are the top three reasons our customers are saving for.
Following the months of testing amongst GXBank internal staff, shareholders, partners and selected Malaysians, we feel optimistic and encouraged to now expand to the rest of Malaysia. As a digital bank, we are born of tech with no physical branches. This makes our GX Card very special to us as it is currently the only physical manifestation of GXBank that customers can proudly keep in their pockets.”
Datuk Zaiton Mohd Hassan
Datuk Zaiton Mohd Hassan, Chairperson of the GXBank Board of Directors said,
“Many Malaysian brands began with a humble vision and through time, built themselves to be household names. The tenacity of many of these homegrown brands inspire us as we have built the bank with Malaysia in mind – making banking seamless, convenient and accessible to all.
The journey was a challenging one, but we are humbled by the support of many to get us to this moment. As Malaysia’s digital bank, we look forward to continued partnerships to realise our vision to build a financially resilient and inclusive nation.”
The launch was inaugurated by Datuk Zaiton Mohd Hassan, Chairperson of GXBank’s Board of Directors, and Pei Si Lai, CEO of GXBank. It was also attended by prominent figures including YBhg. Datuk Johan Mahmood Merican, Secretary General of Treasury at the Ministry of Finance, and Hsieh Fu Hua, Chairman of GXS. – FINTECH NEWS MALAYSIA
