Grab’s digital bank beginning to accept larger deposits in Singapore

GXS Bank said customers could each deposit up to S$75,000 (US$57,000 or RM258,922) into a savings account. The limit previously was S$5,000 (RM17,122). — Reuters

SINGAPORE: Grab Holdings Ltd’s upstart digital bank has started accepting larger deposits in Singapore, suggesting the city-state’s regulator has raised the limit it had previously placed on the company.

GXS Bank, the digibank joint venture of Grab and Singapore Telecommunications Ltd, said customers could each deposit up to S$75,000 (US$57,000 or RM258,922) into a savings account. The limit previously was S$5,000 (RM17,122).