GX Bank Berhad (GXBank), Malaysia’s first digital bank backed by Southeast Asia’s super app Grab, has officially launched its app, marking a significant milestone in the country’s banking sector.
The launch event, attended by high-profile figures including YBhg. Datuk Johan Mahmood Merican, Secretary General of Treasury at the Ministry of Finance, and Datuk Zaiton Mohd Hassan, Chairperson of the GXBank Board of Directors, celebrated the collaborative efforts of shareholders, business partners, beta testers, and employees in reaching this achievement.
Pei Si Lai, CEO of GXBank, highlighted the app’s successful beta testing phase since the bank’s inception in September 2023. Notably, about 50% of beta testers have utilized “Pockets,” the app’s innovative savings goal feature.
This feature resonates with the findings of the recent RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023, which indicated a growing need for savings among Malaysians, particularly for emergencies, holidays, and investments.
Datuk Zaiton Mohd Hassan expressed gratitude for the support and guidance of Bank Negara Malaysia. She emphasized GXBank’s commitment to making banking seamless, convenient, and accessible for all Malaysians.
The bank’s journey, inspired by the tenacity of Malaysian homegrown brands, aims to build a financially resilient and inclusive nation.
GXBank plans to introduce additional features, including the GX Card in partnership with Mastercard. This debit card offers multiple benefits like unlimited 1% cashback on all transactions, no foreign transaction fees, a RM1 fee waiver at over 10,000 MEPS ATMs, and enhanced GrabRewards points at selected retailers. Its distinctive design reflects GXBank’s brand identity.
Licensed by Bank Negara Malaysia and insured by Perbadanan Insurans Deposit Malaysia (PIDM), GXBank assures deposit protection up to RM250,000 per depositor.
The app’s main accounts and “Pockets” feature offer a 3% p.a. interest rate, encouraging users to save for various goals, from retirement plans to vacations. The app also provides tools to monitor savings progress and tips to accelerate savings goals.