Grab-led GX Bank Berhad (GXBank) announced its plan to invest MYR 1.5 billion ($333 million) into Malaysia over the next five years, including the launch of the GX Untuk Semua initiative.
In a statement, GXBank emphasized that the initiative aligns with its enduring commitment to supporting Malaysia’s nation-building and KL20’s vision of becoming a top-20 global startup hub.
The GX Untuk Semua initiative aims to nurture local tech talent, develop core competencies and industry best practices, and foster innovative solutions.
Leveraging cutting-edge technology, the initiative will address financial access and sustainable solutions for underserved communities, according to the announcement.
Key components of the initiative include the introduction of artificial intelligence (AI)- based solutions for risk and fraud management and lending solutions tailored to individuals and micro, small, and medium enterprises (MSMEs).
Additionally, GX Untuk Semua will promote tech entrepreneurship and provide opportunities for developing tech-based solutions for future digital finance needs.
“While we are excited to introduce GX Untuk Semua, it is more than a national aspiration or a tech hub to us,” said Zaiton Binti Mohd Hassan, Chairperson of GXBank. “It also symbolizes the many big and small financial dreams of every Malaysian we hope to help fulfill.”
Hassan highlighted that GXBank’s workforce comprises over 95% Malaysians, placing the bank at the forefront of addressing the financial needs of the population. “Through our financial inclusion initiative, Impian GIGih, we have provided bursaries to 1,200 recipients in Kelantan and Johor,” she added. “With GX Untuk Semua, we aim to harness our talent and innovation to ensure no one is left behind in the digital economy era.”
The initiative also aims to cultivate future talent through new early-career programs in collaboration with local universities. The Impian Gigih Biasiswa scholarship program is a key part of this effort to nurture local talents.
“We look forward to sharing more about the concerted efforts under each hub in the coming months,” Hassan said.
Since its debut in November 2023, GXBank has achieved significant milestones, including 100,000 users within the first two weeks.
By the end of July 2024, the bank had amassed over 750,000 customers, who collectively set up more than 800,000 Savings Pockets and conducted over 13 million transactions via GX Card and QR code.
These achievements reflect Malaysians’ growing preference for digital banking services and their trust in digital banking, the statement noted.
GXBank, Malaysia’s first digital bank, commenced operations on September 1, 2023. It is a subsidiary of GXS Bank Pte. Ltd., a joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel), along with a consortium of other Malaysian investors, including Kuok Group.
