The GXBank app is now available for all Malaysians

GX Bank Berhad (GXBank), one of the first licensees of Bank Negara Malaysia’s (BNM), has officially launched its digital bank app for the Malaysian public.

The digital bank had previously undergone a successful beta testing phase with 20,000 local users following internal testing with its employees and partners.

Digital offering by GXBank

Datuk Zaiton Mohd Hassan, the Chairperson of the GXBank Board of Directors, expressed that a number of Malaysian brands started with a modest vision and over time, have established themselves as household names.

“The resilience of these homegrown brands serves as an inspiration to us. We have built the bank keeping Malaysia at the forefront – our aim is to make banking seamless, convenient, and accessible to all.”

Meanwhile, a key feature of GXBank’s digital offering is the GX Card, developed in collaboration with Mastercard.

This debit card provides several benefits, including unlimited 1% cashback on all transactions with no fees on foreign transactions.

Cardholders will also get a RM1 fee waiver when used at 10,000+ MEPS ATM nationwide, and 1.5x GrabRewards points when users spend at Jaya Grocer.

GXBank’s savings goal feature

GXBank also offers a daily interest rate of 3% p.a. on deposits when users park their money in the main accounts or “Pockets”.

The bank aims to encourage users to save for various purposes like retirement, holidays, or home purchases. The app also provides tools for monitoring savings progress and tips for achieving savings goals.

Pei Si Lai, the CEO of GXBank, revealed, “From the time we started operations in September 2023, our app has been tested by thousands of beta testers.

Interestingly, nearly half of them have utilised ‘Pockets’ – our app’s unique savings goal feature. The primary reasons our customers are saving include emergencies, holidays, and investments.”

Licensed by BNM, GXBank ensures that all deposits are protected up to RM250,000 per depositor by Perbadanan Insurans Deposit Malaysia (PIDM).

GXBank is a subsidiary of Singapore’s GXS Bank, a joint venture between superapp Grab and Singtel, along with a consortium of other Malaysian investors, including Kuok Group. The GXBank app is available for download on the Google Play Store and Apple App Store.