Malaysia's 1st digital bank - No Queues, No Branches and No Brainer
GX Digital Bank (GXBank) is one of the consortium consisting of Grab Holdings, Singtel (Singapore Telecommunications Limited) and Kuok Group which was awarded one of the digital banking licenses in Malaysia. GXBank is a subsidiary of GXS Bank, the digital bank joint venture in Singapore between Grab and SingTel, along with a consortium of investors, which includes the Kuok Group.
They have been give operational go ahead by Bank Negara Malaysia. Based on the GXS Bank app in Singapore, most likely the GX Digital bank app will be separate from the Grab app (Grab finance).
Additionally, GX Bank will offer no lock in deposits with no minimum amount to compete with the traditional retail banks. No lock in means that depositors can withdraw the deposits anytime without any penalty. As compared to conventional banks, if a depositor performs an early withdrawal, he will forfeit his interest earned. Another feature that might be introduced would be some form of virtual credit card and balance transfer features to get people to balance transfer their existing credit card debts to GX Bank.
There is also likely there will be a savings goal feature like the other robo advisor apps. It is likely there will be a price battle for deposits between conventional and digital banks.
This bank will be a fully digital bank which will not have physical branches. Digital banks are also under the purvey of Bank Negara so the same stringent rules (Capital requirement, AMLA, KYC) are still required to be put in place.
Updates 20231028
GXBank has introduced a beta release of its app to the public. This early access is available by invitation only, and interested individuals can join the waiting list by downloading the GXBank app and signing up. From the app itself, there doesn't seem to have any QRpay system available, just basic savings deposit plan at the moment.
They have a GX Pockets feature which gives a 3% per annum daily interest. The Pockets feature is like the Maybank Tabung feature which is basically a goal based savings digital coin bank. While other banks can offer 3% per annum on their fixed deposits, there are penalties and interest reduction for early with drawal. Maybank Tabung on the other hand, does not provide any interest at all.
GXCard which is their 0 cost Mastercard debit card with unlimited 1% cashback rewards. Debit card fees are waived until Dec 2024.
Their OTP system is called GXSecure.
There's no GX loan yet like Singapore (GXS Loan) but I believe it is in the cards in future release.
Updates 20231125
Here's the banking fees listed by GXBank.
GXBank Malaysia is live now, it is now open to the Public. No more waiting list, users can just register as new user in the app.
There's 3 promotions going on for new signups now which is :
1. Deposit RM100 and get RM20
2. Change Duitnow ID to GXbank get RM8
3. Connect Grab App to GXBank to get RM4.80 for Grab Unlimited users
Once Grab App is connected to GXBank, all purchases ride hailing, food delivery will be deducted from the GXBank account.
GXbank can be seen from FPX duitnow screen drop down list and as such it is possible to transfer money from other banks (eg Maybank, Public Bank) directly to GXbank.
Signing up is easy but do prepare your identification card ahead.
Updates 20231130
GXBank's Pocket interest is trickling in already after a few days of account opening. Some customers are asking if GXbank has got Syariah option and the answer from GXBank is they do not have Syariah option. There are other consortiums which have the Islamic digital bank licenses who have yet to launch their app.
GXbank's 24 hour support can be reached at ask@gxbank.my
Updates 20240306
Try not to delete your GXBank app from your phone if not you will not be able to login to your GXBank. To login again , you need call the GXBank support (GXBuddies) to assist to fix it. The error message is a bit misleading as it will say something like the GXBank was installed in another phone.
Updates 20240306
GXBank app now can do QRPay from app.
📍Links : https://gxbank.my/
Referral : if you're late to GX Digital Bank hype then use my referral link to sign up, both of us get RM8 (for new sign ups)
GXBank Referral Link here : https://gxbank.onelink.me/hSCE/2339eu1h
GXBank Referral Code:
g1b0cfdd86e509bb46gg31g0e9fb2f38
