KUALA LUMPUR – Recently-launched GX Bank Bhd (GXBank), which touts itself as the country’s first digital bank, has unveiled its banking app that offers Malaysians the prospect of financial inclusion and resilience.
Through the app, customers have the opportunity to accrue a daily interest of 3% per annum by depositing their funds into either the main accounts or designated “Pockets”, the bank said in a press release.
These “Pockets” serve as tailored savings goals, aiming to instil a savings-oriented mindset to cater to individual needs and aspirations.
Whether earmarking savings for a retirement plan, an upcoming holiday, or a new home, users can diversify their saving objectives.
Moreover, the app facilitates active monitoring of savings progress, providing users with a comprehensive overview of their financial growth.
To expedite the realisation of their savings goals, customers will also receive periodic tips and insights within the app, offering guidance on efficient and effective savings strategies.
The launch of the app today, which included Finance Ministry’s Treasury secretary-general Datuk Johan Mahmood Merican, GXBank board of directors chairperson Datuk Zaiton Mohd Hassan, chief executive Pei Si Lai, and GXbank parent company GXS Bank Pte Ltd chairman Hsieh Fu Hua, also served as an expression of gratitude to various stakeholders – including shareholders, business partners, pioneering beta testers, and employees.
Pei highlighted the app’s successful beta testing phase.
“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,” she said.
“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.”
The expansion of the app to the rest of Malaysia aligns with GXBank’s optimistic outlook, following extensive testing among internal staff, shareholders, partners, and selected Malaysians.
This move also corresponds with the findings of the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023, indicating Malaysians’ desire to save more, especially considering their current savings lasting only up to three months.
Zaiton expressed her gratitude to Bank Negara Malaysia (BNM) for its support and guidance, emphasising GXBank’s commitment to building a financially resilient and inclusive nation.
“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,” she said.
“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.”
GXBank – launched in September this year – also plans to introduce additional features including the GX Card, a partnership between GXBank and Mastercard offering rewards such as unlimited 1% cashback for every online and offline spend with the card, zero markups or fees on foreign transactions, RM1 fee waiver when used at more than 10,000 MEPS ATMs nationwide, and 1.5x GrabRewards points when users spend at Jaya Grocer.
Licensed by BNM, GXBank assures the safety of deposits with Perbadanan Insurans Deposit Malaysia coverage up to RM250,000 for each depositor.
GXBank is a subsidiary of GXS Bank – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.
To download the GXBank app, Malaysians can visit the Google Play Store or Apple App Store. – November 30, 2023