GX Bank Berhad (GXBank) is now the first digital bank to receive approval from Bank Negara Malaysia to start operations in Malaysia. Previously, a total of 5 digital bank licenses had been issued, and several steps had been prepared before the digital bank could operate.
With the receipt of this confirmation, we may see GXBank begin operations to the public soon.
GXBank is one of the digital bank license recipients in Malaysia, where it is led by Grab. GXBank is expected to target small and medium enterprises, in addition to individuals. Digital bank offerings are expected to increase the rate of inclusion in the financial and banking arena.
GXBank is led by Pei Si Lai as CEO, and is said to have over 95% of Malaysian workforce from various sectors involving technology and finance.
With this operational authorization from BNM, GXBank will begin beta testing for their application involving a small number of users first – involving GXBank, Grab and Kuok Group employees. Let's all look forward to the further development of GXBank soon.