GXS Bank, a joint venture of Grab Holdings and Singapore Telecommunications, has announced the launch of a digital bank in Singapore. 

With the launch, the bank offers its digital product GXS Savings Account to cater to the needs of consumers and businesses.

The bank, through its technological capabilities and the combined Grab and Singtel ecosystem, plans to “revolutionise banking services”. 

GXS’ Savings Account will enable gig economy workers, self-employed, entrepreneurs and early-jobbers to earn interest daily.

Such account holders are also exempted from paying fees on closing their savings as there is no need for minimum balance.

The GXS Savings Account also features Saving Pockets to allow customers to allocate separate pockets of funds for different purposes.

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Additionally, GXS will send timely nudges to help customers keep track of their savings.

GXS Singapore CEO Charles Wong said: “GXS is a homegrown bank on a mission to support the needs of the entrepreneurs, gig economy workers and early-jobbers in our community.

“To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams.

“Over the coming months, we will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit.”

According to Wong, GXS, which has secured a banking licence from Monetary Authority of Singapore, has a potential market of over three million customers in the city-state. In April this year, a GXS-led consortium was among the five applicants that secured digital banking authorisation in Malaysia.