Singtel, Grab backed digital bank launched in Singapore

Singtel, Grab backed digital bank launched in Singapore
Charles Wong, ​​GXS Bank's Singapore CEO
GXS Bank

Aims to support 'underbanked' population.

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GXS Bank, which is backed by a consortium comprising Grab Holdings and Singtel, has launched a digital bank in Singapore for consumers and businesses.

The bank’s launch product was the GXS savings account aimed at supporting the needs of entrepreneurs, gig economy workers and the “underbanked” population “who may not have access” to usual banking benefits like credit or insurance.  

​​GXS’ Singapore CEO, Charles Wong, said the bank is hoping to tap into the existing customer base of Grab’s e-wallet offering and Singtel’s Dash payment system.

 “GXS is uniquely positioned to learn and to refine the banking experience so that it is extremely personalised and relevant to customers because we are part of a powerhouse ecosystem that includes Grab and Singtel… Their platforms are used daily by more than three million Singaporeans,” Wong said.

The frequent interactions between consumers and the platforms within our ecosystem (will) provide us with deeper and sharper insights into what our customers need and how we can serve them seamlessly across all touchpoints within our ecosystem, he added.

Wong said GXS is also the first digital bank in the country to be awarded the Data Protection Trustmark by the Infocomm Media Development Authority (IMDA), "testifying its data protection practices to keep customers’ personal data safe and secure".

GXS is focused on “revolutionising banking services through technological capabilities”, he added.

GXS has built a data infrastructure that enables the bank to analyse data swiftly in order to generate extensive and meaningful insights… GXS uses these insights to develop, refine and iterate new features, services and conversations that matter to its customers, Wong said.

GXS digital bank app is expected to be available in Apple’s app store and Google Play store from next week.

The digital bank launch comes nearly two years after the partners secured a full digibank licence from the Monetary Authority of Singapore.

Earlier in April, GXS bank, along with Malaysian partners obtained a digital bank license in Malaysia, just three months after Singtel and Grab purchased minority stakes of 16.3 percent each in Indonesian PT Bank Fama International, in a bid to explore banking opportunities in Indonesia.

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