GXBank, a subsidiary of Grab Holdings, has received approval from the Ministry of Finance and Bank Negara to start operations on September 1, making it the first digital bank to operate in Malaysia.
Analysts believe that GX Bank's savings products will be similar to those of GXS Digital Bank, a digital bank in Singapore, and are expected to be well received by the market.
Who Founded GXBank?
GX Bank is a subsidiary of GXS Bank Pte. Ltd, and joint venture with Singtel and the Kok Group, will target customers who are underserved by commercial banks or do not have a bank account.
GXBank will offer 0.08% interest and an additional 3.48% interest on its Savings Pocket accounts. Users can open up to eight savings pockets. In addition to offering better interest rates than other banks, other benefits include no minimum deposit requirement, no account maintenance fees and no tiered interest rate structure.
