GXS, Led by Grab, Deploys Singapore’s First Digital Bank, Money News

GXS Bank, the digital banking joint venture between ride-sharing company Grab Holdings and Singapore Telecommunications, launched Singapore’s first digital bank on Wednesday (August 31) and bundled it with a savings account.

The rollout of the GXS Savings Account comes after GXS obtained the full digital banking license from the Monetary Authority of Singapore in 2020, while expanding into other Southeast Asian countries.

A GXS-led consortium won a digital banking license in Malaysia in April, three months after its parents bought a 16.3% stake each in PT Bank Fama International to seek banking opportunities in Indonesia.

In Singapore, GXS aims to meet the needs of the underserved population.

“GXS is a local bank with a mission to serve the needs of entrepreneurs, gig economy workers and early workers in our community,” said Charles Wong, Managing Director of GXS Singapore. “For starters, we’re challenging the notion of what a basic savings account could do to support their goals and dreams.”

The GXS Savings Account will be available on the Apple App Store and Google Play Store from September 5 and will be rolled out gradually – starting with select employees and underbanked customers under GXS, Grab and Singtel, a- he declared.

The account will offer daily interest deposits of up to 1.58% per annum and no minimum deposit requirements, Wong said at the product launch.

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