KUALA LUMPUR (Sept 6): Grab-led GX Bank Bhd (GXBank) has received approval from Malaysia to start its digital bank operations. It is the first of the five companies that were issued licences to get approval to start, and will be ahead of the April 2024 deadline.

In a statement on Tuesday, GXBank said it completed an operational readiness review and has been approved to commence operations effective Sept 1, 2023.

GXBank said it will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises.

Additionally, the digital-only bank said it will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.

GXBank chief executive officer Pei Si Lai said that standing on Grab’s legacy of innovative tech and economic inclusion, the bank hopes to redefine banking and reshape Malaysia’s financial landscape.

“Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” she said.

With the commencement of operations, the bank will begin beta-testing its app — starting with its employees from GXBank, Grab and Kuok Group — and progressively roll out to a wider pool of users.

This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.

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