KUALA LUMPUR (Nov 30): Grab-led GX Bank Bhd (GXBank) has officially launched its digital bank to Malaysians, making it the first of the five Bank Negara Malaysia licensees to do so.

The digital bank had previously gone through a beta-testing phase with 20,000 Malaysian users following an internal testing with its employees and partners.

Since its commencement in September 2023, the company has tested the app with beta testers, with almost 50% having created “Pockets” — the app’s savings goal feature.

Emergencies, holidays and investments are the top three reasons customers were saving for. Following months of testing among GXBank’s internal staff, shareholders, partners and selected Malaysians, GXBank chief executive officer Pei Si Lai is optimistic about expanding the app to the rest of Malaysia.

An additional feature that the digital bank is looking to roll out 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 also get a RM1 fee waiver when used at over 10,000+ MEPS ATMs nationwide and 1.5x GrabRewards points when users spend at Jaya Grocer.

GXBank is licensed by Bank Negara and all deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 for each depositor, which is in line with regulatory standards.

Customers can earn daily interest of 3% per annum when they stash their money in the main accounts or ‘Pockets’, which are savings goals to encourage saving behaviour for needs and dreams.

Download the GXBank app from the Google Play Store or Apple App Store. For more information, please visit GXBank’s website at https://gxbank.my/.