During the launch of GXBank‘s headquarters and Centre of Excellence in Bandar Utama, the first digital bank in Malaysia announced a new milestone for customer acquisition. In less than a year, GXBank has acquired over 750,000 customers which include more than 500,000 GX Debit cardholders.
GXBank customers have collectively created over 800,000 Savings Pockets, a feature aimed at encouraging users to save and achieve their financial goals.
Since its inception, the digital bank has recorded over 13 million transactions which include more than 9 million transactions using the GX card and over 4 million transactions via QR payments.
When GXBank was first made available to the public in November 2023, it started as a savings-only product with a 3.00% p.a. interest rate that’s credited daily. The digital bank achieved its 100,000 customer milestone within two weeks of its debut.
They eventually launched its GX Debit Card to the public in February 2024 and over 100,000 customers have applied for the card in less than two weeks. The GX Debit Card offers customers unlimited 1% cashback for in-store and online card spending as part of its GX Rewards Experience campaign.
The digital bank eventually introduced DuitNow QR payment support, allowing users to make payments where card payments are not accepted. GXBank crossed its 500,000 customer milestone in June 2024, just over 200 days since its launch.
Besides offering 3.00% p.a. interest and 1% cashback to consumers, GXBank will soon introduce new services for individuals and small business owners. The digital bank plans to offer digital insurance, individual financing with alternative data for credit underwriting and financing for micro and SMEs.
GXBank, which is led by Grab, aims to lead the transformation of digital banking and finance industry. It has committed to invest RM1.5 billion over the next five years which include the establishment of GX Untuk Semua Initiative, to solidify Malaysia’s position in the digital banking landscape.
According to GXBank, GX Untuk Semua is designed to focus on nurturing local tech talent, developing core competencies
and best-in-class industry practices, and innovative solutions. The initiative will leverage the latest in technology to address financial access and sustainable solutions for the underserved.
GXBank will utilise AI-based solutions for risk and fraud management, and personal and mSME lending solutions. On top of that, the initiative aims to encourage tech entrepreneurship and provide opportunities for tech-based solutions to be explored for tomorrow’s digital finance needs.
Today’s event was launched by Prime Minister Dato Seri Anwar Ibrahim, and witnessed by Minister of Investment, Trade and Industry Tengku Datuk Seri Utama Zafrul Tengku Aziz and Digital Minister Tuan Gobind Singh Deo.
