GX Bank Berhad (GXBank) is launching its beta app on November 14, 2023, marking a significant milestone after conducting successful testing phases among the bank’s employees and partners.
As the pioneering digital bank in Malaysia, GXBank emphasizes that its app boasts a user-friendly interface with robust safety features aimed at ensuring users’ trust and security. Every stage of app development aligns with regulatory standards and norms.
Fadrizul Hasani, Chief Technology Officer at GXBank, highlighted, “We amalgamated insights from our partners, their technology stack, and their profound understanding of their clientele to create a product catering to the needs of Malaysians. We’ve designed a convenient, seamless, and secure digital banking app compatible with the latest mobile operating systems. This inclusivity allows us to extend digital banking services to users across varying financial capacities and technological expertise.”
Features of the GXBank Beta App Users can create a GXBank Savings Account along with up to 10 “Pockets,” designated for distinct savings goals, encouraging a culture of saving for specific aspirations like retirement plans, upcoming holidays, or purchasing a new home. Funds deposited in “Pockets” accrue daily interest of up to 3% per annum. Users can track their savings progress and receive periodic guidance to expedite their savings objectives.
Furthermore, all deposits are secured by the Perbadanan Insurans Deposit Malaysia (PDIM), offering protection of up to RM250,000 ($53,000) per depositor.
Additional perks include a MYR20 cashback with a minimum deposit of MYR100, and a waiver on the MYR1 processing fee for ATM withdrawals.
Future Plans for GXBank: Expanding Financial Services Pei Si Lai, CEO of GXBank, conveyed that this launch signifies only the initial phase of a comprehensive array of financial services and products. Lai stated, “As we assess the app’s stability and gather user feedback, we aim to develop a digital banking experience tailored to the diverse financial needs of all generations in Malaysia. Being predominantly developed by Malaysians, we are uniquely positioned to devise financial solutions addressing the challenges faced by everyday Malaysians.”
Lai added, “We are a step closer to realizing our nation’s vision of a financially resilient society, where Malaysians have equitable access to financial products without the complexities of extensive paperwork or convoluted processes.”
Streamlined eKYC and Access Through Grab App GXBank promises users a streamlined eKYC (electronic Know Your Customer) process for hassle-free account setup. Existing Grab users can access the GXBank app directly through the Grab App.
Supported by Grab and Singtel Established on September 1, 2023, GXBank has assembled a workforce consisting of over 95% Malaysians from both finance and technology sectors. The bank aims to disrupt the conventional banking industry with innovative solutions empowering Malaysians to achieve financial resilience. This digital bank is a joint venture between Grab Holdings Limited, Singapore Telecommunications Limited (Singtel), and a consortium of Malaysian investors, including Kuok Group.
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