Southeast Asia’s super app Grab has injected another S$145 million (approximately RM506 million) into its digital bank, GXS Bank.
International news reports said that the move was carried out through its wholly-owned subsidiary A5-DB Holdings Pte Ltd.
GXS Bank, a joint venture between GRAB Holdings (Nasdaq: GRAB) and Singapore-listed telecoms giant Singtel, is one of the first digital banks in Singapore to launch products in September 2022.
The latest capital injection is part of a series of investments by Grab in GXS Bank. Previously, Grab invested S$137 million in July last year, followed by an injection of S$75.8 million in April.
Looking ahead, an Accounting and Corporate Regulatory Authority filing disclosed plans for further investment. Grab and Singtel have set aside S$229.5 million to inject capital into the bank in the third quarter of 2024.
In addition, GXS Bank intends to subscribe for more shares in GX Bank Malaysia, worth S$55 million, pending approval from the Monetary Authority of Singapore (MAS).
In Malaysia, GX bank is the first of five digital bank licensees to start operations, and the digital bank has more than 100,000 users since its launch on November 30, 2023.
