Saturday, 15 June 2024

GXBank and Grab Malaysia support government's KL20 mandate

5 min read

GXBank, Malaysia’s first digital bank, and Grab, Southeast Asia’s leading superapp, are joining forces to elevate the country’s tech talent, in line with the government’s KL20’s mandate.

Less than six months since its launch, GXBank is on track to establish a Regional Centre of Excellence (COE) for Shared Services in Malaysia. Slated to be operational by the end of 2024, the COE aims to serve Grab-led digital banks, and financial and operational services in the region.

The COE is set to progressively offer almost 400 roles focusing on core banking activities such as banking operations, technology and risk management among others. Establishing the COE is part of GXBank’s MYR 1.5 billion ($313.5 million) investment into Malaysia over the next five years, positioning the country as a central hub to revolutionise the region’s digital finance and banking landscape.

GXBank’s COE will leverage the country’s dynamic infrastructure and progressive policies, aligning with KL20’s purpose to elevate Malaysia as an innovation hub, leading technology and digital advancements.

According to Pei-Si Lai, CEO of GXBank, the COE is part of the bank’s long-term goal to not only become the digital bank of choice for Malaysians but also to cultivate high-value skills that will enhance the region's digital banking industry.

She further added: “Building on our current more than 400-strong team, we want to harvest and nurture the rich talent we have in Malaysia. We aim to create a dynamic environment in which they can challenge the status quo, raise the overall competencies and create best-in-class practices in the digital finance industry. We are eager to answer the government’s call to action; with their support, we are well positioned to serve Grab-led digital banks in the region. Our collective mission is to serve the millions of financially underserved individuals, facilitating their intergenerational social mobility and boosting the region's overall economy."

Since Grab’s inception in 2012, Grab has transformed how Malaysians’ everyday needs like travel, food and daily essentials are being addressed, pioneering economic inclusion. Therefore, GXBank aspires to further Grab’s economic inclusion initiatives by focusing on financial inclusion for all Malaysians.

In alignment with KL20’s focus on building capable tech talent, top talents from Grab and GXBank will be working with Endeavor Malaysia to help mentor selected local, high-potential entrepreneurs to accelerate their growth. Endeavor Malaysia’s ScaleUp and TEGAS: Scale Sarawak Programme will see personnels from both companies working with local start-up entrepreneurs to hone their leadership skills, develop business and marketing expansion strategies, and harness the power of innovative technology and data.

Adelene Foo, managing director of Grab Malaysia said: “As a Malaysian homegrown company that has flourished to be the leading superapp in the region, we are cognisant of our roots and grateful for the support we received in our early days, including early funding from Cradle. Working with Endeavor gives us the meaningful opportunity to give back, sharing our knowledge and experiences to assist our country's burgeoning start-ups in realising their full potential. With physical presence regionally and global R&D centres, we bring a wealth of experience in identifying and addressing hyperlocal needs whilst navigating various regulatory, socio-economic and technological terrains.”

Foo added that leaders from Grab, including some of the founding members, and GXBank have been carefully selected based on their respective scope in product and tech, operations and marketing, and strengths in leading highly dynamic teams to achieve business impact. 

Re-disseminated by The Asian Banker

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