GX Bank Berhad (GXBank) is officially rolling out its beta app effective 14 November 2023. This comes after successfully testing the beta app amongst employees of the bank and partners.

GXBank is the first digital bank to commence operations in Malaysia. It says the app offers a clean, easy navigation interface with key safety functions to secure users’ trust and security. Each step of the app building process is in line with regulatory expectations and norms.

Fadrizul Hasani, Chief Technology Officer, GXBank, said: “We leveraged the combined learnings from our partners, their techstack and their deep understanding of their customers to develop something we hope will address the needs of Malaysians. We have built a convenient, seamless, fuss-free and secure digital banking app. It is compatible with all mobile phones with the latest operating system. This enables us to offer digital banking services to users of all financial capabilities and tech understanding.”

GXBank beta-testing phase

Users will be able to create a GXBank Savings Account and up to 10 “Pockets.” “Pockets” are savings goals to encourage users to cultivate a saving behaviour for specific needs and dreams. Users can save up for a variety of purposes such as a retirement plan, an upcoming holiday or a new home. Money parked in “Pockets” will earn daily interest of up to 3% pa. Users can monitor their savings progress and receive periodic tips to fast-track their savings goals.

All deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), up to RM250,000 ($53,000) for each depositor.

Other benefits include MYR20 cashback with a minimum deposit of MYR100. There is a waiver on the MYR1 processing fee for ATM withdrawals.

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GXBank: full suite of financial services and products to follow

GXBank CEO, Pei Si Lai said this is just the beginning of a whole suite of financial services and products. “As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations. As a bank built predominantly by Malaysians, we are uniquely positioned to understand and develop financial solutions that address the needs and challenges of the everyday Malaysian.

“We are one step closer to our nation’s vision of a financially resilient country where Malaysians can have equitable access to financial products that cater to their individual needs, without the intimation and hassle of elaborate paperwork, processes and jargon.”

GXBank is promising users a seamless and hassle-free eKYC (electronic Know Your Customer) and account setup process. For existing Grab users, the GXBank app can be accessed through the Grab App itself.

Backed by Grab and Singtel

GXBank Berhad commenced operation on 1 September 2023. The bank has a workforce of more than 95% Malaysians from both the finance and technology sectors. It aims to disrupt the current banking industry with customised innovative solutions that empower Malaysians to be financially resilient. The digital bank is a joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) and a consortium of other Malaysian investors, including Kuok Group.