(From left) GXBank chief technology officer Fadrizul Hasani, Mydin managing director Datuk Ameer Ali Mydin, Lai, Hildah and GoBarakah co-founders Audri Zin, Firdaus Mohamed, Azrin Ajib and Irhzan Md Noor. — CHAN TAK KONG/The Star
THE country’s first digital bank plans to drive financial inclusion and literacy, and to empower underserved communities.
GX Bank Bhd (GXBank), which started operations on Sept 1 last year, shared its brand purpose at a media session themed “Impian Gigih”.
GXBank CEO Pei Si Lai said they were looking at offering customised financial products and services, by leveraging technology and data to identify and address unmet financial needs.
By meeting these needs, Lai said the bank would be able to serve as the bridge for the underserved community and pave the way for their financial resilience.
“For instance, we are offering a daily interest of 3% in our deposit account, which is pretty nice because we want Malaysians to save.
“In a survey, we found that many people have separate accounts for separate savings, like holidays and children’s education.
“We deliberately put pockets in there so that all the savings can be placed separately in a single account, and about 40% are using that feature,” she said at GXBank’s office located at First Avenue in Petaling Jaya, Selangor.
Lai said there were many other unmet needs, including accessibility to loans.
The bank’s mission for financial inclusion had been ingrained in its ethos and operations since inception, she said.
“As a Malaysian digital bank, we have our bank rooted in our mission to be purpose-driven.
“Reflecting on our first 100 days of operation, we are humbled and inspired by the support of Malaysians and our partners.
“As we introduce new products and enhancements like our QR pay and GX App in the Malay language, we are also moving ahead to what we were made for – serving the underserved,” added Lai.
GXBank chief of staff Hildah Hamzah listed the three foundation pillars of “Impian Gigih” – enhancing financial well-being, ensuring educational accessibility and promoting financial literacy.
The pilot project kicked off last month, just before the start of the new school year.
“Together with pioneering partners, homegrown wholesale retail chain Mydin Mohamed Holdings Bhd (Mydin) and evoucher platform GoBarakah.com, GXBank distributed physical and virtual bursaries to those that needed it the most.
“Back-to-school kits were distributed to B40 parents of 500 children and Grab drivers in Kelantan and Johor Baru.
“To extend virtual support, the bank is collaborating with GoBarakah to provide evouchers to registered beneficiaries via the platform, which can be used to purchase school essentials year-round at selected vendors nationwide,” she said.
Hildah said GXBank planned to expand its back-to-school initiatives by offering tertiary education scholarships to children of gig workers and B40 parents.
GXBank is a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd, with a consortium of other Malaysian investors including Kuok Group.
