After two months since it received the approval from Malaysia’s Central Bank (Bank Negara) to operate officially, Grab’s digital banking arm — GX Bank Berhad (GXBank) — is now opening up its beta-testing phase.
This comes almost two years since it received the operating license from Malaysia’s Ministry of Finance and is five months ahead of the April 2024 deadline that Bank Negara has set for digital banks to start operating.
GXBank will be selecting 20,000 Malaysians who are on the waiting list to use the platfrom from today onwards. These beta-testers will get to experience the entire suite of offerings on the GXBank app, from data privacy protections, general user interface, and primary banking functions, such as savings account with daily interest rates, “Pockets” — a division-based saving options, and daily interest rates.
According to Lai Pei Si, CEO, GXBank, this is just the beginning of what the digital banking platform from Grab will be offering.
“As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations. As a bank built predominantly by Malaysians, we are uniquely positioned to understand and develop financial solutions that address the needs and challenges of the everyday Malaysian,” she shared.
For Lai, GXBank offers users the opportunity to access and engage the digital economy in new ways that help streamline their financial functions and management.
This can be seen in how GXBank starts the user journey with a seamless and hassle-free electronic Know-Your-Customer process that sets up the new GXBank account.
As for Fadrizul Hasani, Chief Technology Officer, GXBank, he noted how this limited public-focusing beta-test comes after extensive testing among employees of banks and partners; selected public users; and Grab personnel.
“We leverage the combined learnings from our partners, their tech-stack, and their deep understanding of their customers to develop something we hope will address the needs of Malaysians,” he added.
He believes this beta-testing phase will allow participating Malaysians to try out every aspect of the GXBank digital banking app. This includes the “Pockets” saving goals feature.
When users deposit cash into the savings account, they will earn a daily interest rate at an estimated 3% per annum. The “Pockets” function enables users to split their savings into various usage categories and can help encourage them to save even more so they can reach specific financial and spending goals.
For Lai, it is clear that GXBank is helping Malaysia take one step closer to its vision of a financially resiliency.
“(This will be when) Malaysians can have equitable access to financial products that cater to their individual needs, without the intimation and hassle of elaborate paperwork, processes and jargon,” she said.