Tag Archives: GX Bank

GX Bank Champions Financial Inclusivity & Literacy This Ramadhan

March 22, 2024 Nur Jeevan Leave a comment

GX Bank, one of Malaysia’s first digital banks, is 100 days into operation. In these 100 days, the digital bank has crystalised its brand purpose and goals to champion financial inclusivity and literacy in Malaysia’s B40 and the underserved. To that end, GX Bank has unveiled Impian GIGih, an initiative targeted at uplifting Malaysia’s B40 class and empowering Malaysia’s Gig workers.

GXBank and Impian GIGih partners MYDIN and GoBarakah — From left to right: Hildah Hamzah, Chief of Staff, GXBank, Fadrizul Hasani, Chief Technology Officer, GXBank, Datuk Wira (Dr) Haji Ameer Ali Mydin, Managing Director, MYDIN, Pei Si Lai, Chief Executive Officer, GXBank, [From GoBarakah] Azrin Ajib, Audri Zin, Firdaus Mohamed (centre, back), Irhzan Mohd Nor

The new Impian GIGih programme takes a sharp focus on Malaysia’s Gig economy, Gig workers and the B40 segment. Through the initiative, GX Bank wants to provide tailored, equitable and inclusive access to financial services to these segments. It also looks to ensure educational accessibility by alleviating the cost of education for underserved families and the B40. It will also work to empower more Malaysians to make better informed financial decisions and planning through financial literacy initiatives.

The programme’s pilot was undertaken in February 2024 with partners MYDIN and GoBarakah. GX Bank and its partners distributed physical and virtual bursaries to the underprivileged. Together with this, GX bank also distributed 500 back-to-school kits to children of B40 families and Grab drivers in Kelantan and Johor Bahru respectively. GoBarakah allowed the “digital” in digital banking to be realised through e-vouchers through its platform. These vouchers could then be used to buy school essentials year-round. GX Bank has also pushed the bar further with scholarships for tertiary studies. These scholarships were offered to children of gig workers and B40 homes. It’s hoped that these scholarships will help uplift these families from poverty.

These efforts are only the tip of the iceberg when it comes to the efforts that are being put forward by GX Bank. The digital bank has also put out a brand video, “Sepoket Impian” to help communicate its brand purpose and its efforts to uplift and empower the underserved, gig workers and Malaysia’s B40 segment.

The digital bank will also be championing financial literacy at its upcoming “Singgah di Semua Bersama GX Bank” happening on March 23, 2024, at Semua House in the nation’s capital, Kuala Lumpur. GX Bank will also be partnering with Euronet, Idemia, Mastercard, Onfido and PayNet for the event. The event takes place from 2 pm to 7 pm.

Business, News

GXBank is Now Open to All Malaysians

November 30, 2023 Nur Jeevan Leave a comment

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 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.

Business, Lifestyle, News

GXBank Quietly Unveils GX Debit Card with Unlimited 1% Cashback

November 27, 2023 Nur Jeevan Leave a comment

GXBank, the Grab-led digital bank, has quietly introduced its GX Debit Card. This announcement comes on the heels of the announcement of its banking app earlier this month. While the current app focuses on basic savings, the anticipation surrounding the debit card launch is generating considerable interest.

Screenshot 2023 11 27 at 16 55 18 GXBank Debit Card

According to the GXBank website, the GX Debit Card will be launched soon. The card features a sleek, minimalistic, modern design in renders. It is also being touted to provide users with unlimited 1% cashback on everyday transactions. That is on top of GXBank’s pledge to not markup on exchange rates and have transparent overseas transaction fees for the time being.

The GX Debit Card claims to be “the only cashback card with no limits,” offering 1% cashback across various spending categories. The promotion of an RM1 fee waiver at 10,000 MEPS ATMs nationwide adds to the card’s appeal. However, accessing the card presents a challenge as GXBank’s public beta is limited to 20,000 Malaysians.

655308532bac6240fbd7d831 Debitcard Mobile latest 2

Being a digital bank, GX Debit Card users can expect convenient card management through the app – which is not in beta. The app will allow users to self-serve features like freezing the card and customizing transaction preferences. That said, there doesn’t seem to be anything indicating support for popular digital wallets like Apple Pay, Google Pay, or Samsung Pay.

While the GX Debit Card offers enticing cashback benefits, it’s worth noting that there are fees which are currently being waived. According to the documentation available, this includes an RM12 card issuance fee and an RM1 transaction fee for MEPS ATM withdrawals. Additionally, there is a 1.2% administration fee for foreign currency transactions or overseas card use. There isn’t any word on when the fees will be enforced. However, the product information sheet points to the waivers only being until 31 December 2024.

Users interested in trying out the offering from GX Bank will need to register on the waitlist for the app and request the debit card from there. However, there is no word on how long this will take or if GXBank will be expanding the public beta currently underway with 20,000 participants.

Lifestyle, News

GX Bank Beta App Now Available to Select Malaysians

November 14, 2023 Nur Jeevan Leave a comment

GX Bank Berhad (GX Bank) is pushing boundaries as Malaysia’s first digital bank to go to market. The digital bank received approval to operate from Bank Negara Malaysia ahead of the April 2024 deadline. The bank focuses on serving the underserved through innovative channels, including a dedicated app and 24/7 customer support.

After its initial announcement back in September, GX Bank is already rolling out its official app in beta. The beta app is set to roll out to 20,000 Malaysians on November 14, 2023, following successful internal testing. GX Bank’s app is developed to be user-centric. The app comes with a user-friendly interface prioritizing trust and security. Chief Technology Officer Fadrizul Hasani emphasizes compliance with regulatory norms, ensuring user data and funds’ safety.

During beta-testing, users can create a GX Bank Savings Account and set up to 10 “Pockets” for specific savings goals. Money placed in these pockets will earn daily interest of up to 3%. Being the first digital bank to go to market, it may be daunting to be an early adopter. That said, deposits of up to RM250,000 in GX Bank are protected by Perbadanan Insurans Deposit Malaysia (PDIM). In addition, users are able to lock their accounts in case of fraud and limit daily spending. GX Bank is also offering exciting benefits including RM20 cashback with a minimum of RM100 deposit, withdrawal fee waivers, and unlimited cashback with the upcoming debit card feature.

Simple Onboarding Process

GX Bank promises a seamless onboarding experience. With a few taps, users can download the app, complete the eKYC process, upload their MyKad, and deposit a minimum of RM10 to start saving.

To set up your account, all you need to do is:

Download the app from the Google Play Store or Apple App Store
Upload a digital copy of the national identity card (MyKad)
Complete the eKYC process as stated in the app
Add a minimum of RM10 into the savings account and set up Pockets (if you want to)

Existing Grab users can access the GX Bank app through the Grab App.

techENT