The GXBank app is now available and officially open for business in Malaysia

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The e-banking scene in Malaysia is about to get more interesting. Today, GX Bank Berhad officially launched its app, the GXBank app. That said, what should you know about it?

For your information, GX Bank Berhad holds a digital bank license from Bank Negara Malaysia and is a member of Perbadanan Insurans Deposit Malaysia (PIDM). Notably, GX Bank is Malaysia’s first digital bank. Hence, that gives us an interesting insight into Malaysia’s e-banking scene.

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Interestingly, this digital bank is a subsidiary of GXS Bank, a digital bank joint venture in Singapore between Grab and SingTel. So, it is not far-fetched to say the bank is backed by Grab. During the launch of the GXBank app, Pei Si Lai, CEO of GX Bank shared:

“Since we commenced operations in September 2023, we have tested our app to thousands of beta testers, and almost 50% have created “Pockets” - the app’s savings goal feature. Emergencies, holidays, and investments are the top three reasons our customers are saving. Following the months of testing amongst GXBank internal staff, shareholders, partners and selected Malaysians, we feel optimistic and encouraged to now expand to the rest of Malaysia.”

As you can expect, the app will gradually roll out additional features to improve your user experience. Thanks to the collaboration between GXBank and Mastercard, you can enjoy unlimited 1% cashback for every online and offline spend with the card. You can also enjoy zero markups or fees on foreign transactions, an RM1 fee waiver when used at 10,000+ MEPS ATMs nationwide, and 1.5x GrabRewards points when users spend at Jaya Grocer.

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Thanks to the app, you can earn daily interest of 3% p.a. when you park your money in the main accounts or “Pockets”. You can also monitor your savings progress and get periodic tips to achieve your savings goals. You can download this app from the Google Play Store for Android and the Apple App Store for iOS. You can also visit the official website for more information.


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