Grab Led GX Bank First To Receive BNM Approval For Digital Bank License

Grab is the first to get approval from Bank Negara for a digital bank license, the Grab-led digital bank, GX Bank Berhad is
the first of the five digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by the Central Bank.

GXBank said it had successfully completed an operational readiness review and has been approved to commence operations effective 1 September 2023. It will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.

The firm will be headed by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.

Supporting GXBank is the newly appointed Board of Directors, spearheaded by Datuk Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management, and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflect her deep passion for building and promote
sustainable growth for the financially underserved.  

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.

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