GXBank Launch

GXBank is Now Open to All Malaysians

After a beta test spanning a few months, GXBank Berhad (GXBank), Malaysia’s first digital bank, has officially launched its app. The app will be the main touchpoint for users. It aims to provide a user-friendly and accessible banking experience to millions of Malaysians. GXBank is an officially licensed bank under Bank Negara Malaysia. Being the first digital bank approved and launched, GXBank aims to revolutionize the financial landscape with its innovative approach to banking.

GXBank faces an uphill climb to convince Malaysians to come on board as the first and only digital bank at the moment. However, the bank is committed to promoting financial inclusion and empowering Malaysians to take control of their finances. That said, the bank’s intuitive app, designed with simplicity and accessibility in mind, caters to individuals from all walks of life. It can also be the tipping point for a lot of digital natives as conventional banks continue to struggle to digitize their services to serve digital natives intuitively.

GXBank Launch

GXBank shares that data gathered during the beta testing phase revealed that Malaysians are actively looking to replenish their savings which might have been affected by the recent pandemic, and they are actively utilizing GXBank’s features to manage their finances responsibly.

The GXBank app actively enables this with their key feature – ‘Pockets’, a digital savings tool designed to encourage and support saving goals. Nearly 50% of beta testers have embraced Pockets, demonstrating the strong appetite among Malaysians to save for emergencies, holidays, and investments.

In addition, GXBank’s debit card, the GX Card, seamlessly integrates with the digital banking experience. The card offers a range of attractive benefits, including unlimited 1% cashback on every transaction, zero markups on foreign transactions, and 1.5x GrabRewards points when used at Jaya Grocer.

GXBank first foray into the digital banking space marks a significant step forward in Malaysia’s digital economy. It now remains for the bank to show that Malaysians are ready for the change that this will mark in their banking habits. The beta test which involved more than 20,000 is a good indication of the Malaysian public’s appetite for alternative banking solutions after dealing with brick-and-mortar banks. It will also mark a significant shift in the banking landscape as conventional banks will now need to compete with new contenders that can have a leg up when it comes to digitization.

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