GX Bank Berhad (GXBank) has officially opened its app to millions of Malaysians.
The launch was attended by Johan Mahmood Merican, secretary general of treasury at the Ministry of Finance and witnessed by Zaiton Mohd Hassan, chairperson of the GXBank board of directors and Pei Si Lai, CEO of GXBank.
The event was also held in appreciation to various parties who played a role in helping the bank reach this milestone, including shareholders, business partners, pioneering beta testers and employees.
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, almost 50% have created “Pockets” - the app’s savings goal feature. Emergencies, holidays and investments are the top three reasons our customers are saving for. 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.”
This is in tandem with the recent RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2023 indicating Malaysians want to save more as currently their savings can only last up to three months. This resonates with GXBank's purpose for introducing ‘Pockets’ to encourage the habit of saving especially amongst the younger generation.
Hassan, expressed her gratitude to Bank Negara Malaysia for the support and guidance. “Many Malaysian brands began with a humble vision and through time, built themselves to be household names. The tenacity of many of these homegrown brands inspire us as we have built the bank with Malaysia in mind - making banking seamless, convenient and accessible to all. The journey was a challenging one, but we are humbled by the support of many to get us to this moment. As Malaysia's digital bank, we look forward to continued partnerships to realise our vision to build a financially resilient and inclusive nation.”
Pei Si further expressed the excitement for the launch of the GX Card as it symbolises a tangible way for the bank to connect with customers, “As a digital bank, we are born of tech with no physical branches. This makes our GX Card very special to us as it is currently the only physical manifestation of GXBank that customers can proudly keep in their pockets.”
The GX Card, a partnership between GXBank and Mastercard offers rewards such as unlimited 1% cashback for every online and offline spend with the card, zero markups or fees on foreign transactions, MYR 1 ($0.21) fee waiver when used at 10,000+ MEPS ATM nationwide, and 1.5x GrabRewards points when users spend at Jaya Grocer. Additionally, the design of the card boasts the brand’s distinct colours and aims to differentiate it amongst others when placed in the wallet, making it distinctly recognisable.
GXBank is licensed by Bank Negara Malaysia and all deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM) up to MYR 250,000 ($53,731) for each depositor, which is inline with regulatory standards. Customers can earn daily interest of 3% p.a. when they park their money in the main accounts or “Pockets”, which are savings goals to encourage them to cultivate a saving behaviour for their needs and dreams. They can save for a variety of purposes such as their retirement plan, an upcoming holiday or for a new home. Through the app, they can also monitor their savings progress and receive periodic tips to fast-track their savings goals.
Re-disseminated by The Asian Banker