‘GX 2.0: Next Starts Now’ – GXBank Introduces Lending & TeXnovasi

GXBank rolls out GX FlexiCredit and GX Biz Banking to help Malaysians and MSMEs achieve their financial goals and launches TeXnovasi, supported by Cradle, MYStartup and 1337 Ventures.

GXBank (GX Bank Berhad), celebrates its first anniversary by unveiling the latest financial products to help Malaysians and MSMEs achieve their financial goals with the inaugural ‘GX 2.0 – Next Starts Now’.

The event also saw the launch of TeXnovasi, a collaborative effort between GXBank and Grab Malaysia, and supported by Cradle Fund Sdn Bhd (Cradle), MYStartup and 1337 Ventures which aims to build an inclusive and sustainable tech-based entrepreneurship ecosystem in Malaysia. 

Pei-Si Lai, Chief Executive Officer of GXBank, who kicked off GX 2.0 said, “We now have almost one million Malaysians who have chosen us to support their financial journey. Collectively, they have made more than 24 million transactions and set up more than 900,000 Savings Pockets. With these insights about our customers, we are excited to now support Malaysians with lending facilities to support their financial goals.”

Pei-Si further added, “Additionally, in line with our mission, we are also excited about our partnership with industry leaders like Grab Malaysia, Cradle Fund, MYStartup and 1337 Ventures which will see us play an active part in growing Malaysia’s talent and tech startup ecosystem together.” 

Changing How Malaysians Borrow

GX FlexiCredit will roll out progressively from November 2024 onwards to Malaysians. Eligible Malaysians who meet the necessary requirements can get instant approval of up to RM150,000 credit limit within minutes and disbursement, which means customers have the flexibility of getting immediate cash drawdown (with interest only on the drawdown amount) with zero fees if they choose to settle repayment early.

Additionally, in line with the government’s Belanjawan Madani 2025 intent to help close the financing gap for MSMEs, GXBank’s GX Biz Banking aims to be a one-stop solution for the business community to open an account and have a more convenient access to financing support, which is a prevalent pain point for small businesses in Malaysia. 

Similarly to a retail GX Account, GX Biz Account offers the first fully digital onboarding for businesses and daily interest payouts. With GX Biz Account, micro-entrepreneurs can seamlessly apply for the GX Biz FlexiLoan via the app and if qualified, receive instant approval for a credit line of up to RM150,000. Business owners will also have the option of a flexible loan tenure up to three years, and the flexibility to make early repayments without any additional fee or interest.  

Beginning with merchants in Grab Malaysia’s ecosystem, GXBank aims to roll out GX Biz Banking to small businesses across Malaysia by the first quarter of 2025.

TeXnovasi: Incubator of Future Tech Entrepreneurs

TeXnovasi by GXBank and Grab Malaysia aims to elevate the Malaysian tech startup scene through public-private partnerships. 

The programme will provide personalised mentorship from industry leaders, alongside expert-led workshops on innovation, market entry, and securing investment. Local startups who are passionate about creating impactful solutions to address Malaysia’s financial needs can apply to be part of the accelerator programme via the GXBank website. 

Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle enthused, “TeXnovasi is more than a platform – it’s a catalyst for Malaysia’s tech entrepreneurs to scale beyond borders, turning visionary ideas into real-world solutions. By addressing specific industry and customer challenges, TeXnovasi has the potential to guide tech entrepreneurs to deliver innovations that are inclusive and designed for sustainable growth, ensuring long-term success and profitability with Malaysia’s needs in mind.”

“At Cradle, we are committed to building an ecosystem that not only supports local innovation but also empowers startups to access larger markets, fuelling growth and fostering a connected and resilient ecosystem through cross-border collaboration. Together with our partners, we hope TeXnovasi will become the avenue to support the nation’s goal of building a tech-centric, future-ready workforce and position us as the region’s technology hub.”

Present at the event were also partners such as Grab Malaysia, Jaya Grocer, Moomoo, PayNet and Shopback who will be offering customised deals and promotions for customers in the coming months. 

Other Highlights of GX 2.0

Starting November 2024, customers can enjoy a more rewarding, engaging and customised banking experience: 

• #GXWrapped → Based on customers’ money habits on the GXBank app, they can unlock their Money Story – a fun, easy-to-understand summary of their save and spend behaviour – and discover their Money Personality: The Cermat Saver, Rewards Hunter, Runcit Realist, Enjoy-lah Spender, Show Stopper and Binky Boss.

• Collectible Badges → Customers can earn badges which come with exclusive deals and unlock hidden surprises when they complete challenges on the app. Starting with six badges: GX Pioneer, The Socialite, Grab Guru, Steady Saver, QR Warrior, Tauke Cashback – GXBank will progressively introduce more badges, so stay tuned!

• AIni → GXBank’s first GenAI multilingual chatbot will detect the native language of the customer’s query and respond accordingly in a more timely and efficient manner. If necessary, AIni will redirect the question to a GXBuddy if further assistance is required. 

• GX Card → In line with what customers appreciate most about the GX Card, it will continue to be their most rewarding travel companion. GXBank is also keeping the instant cashback for every transaction and zero fees for ATM withdrawals – for local and overseas. Additionally, customers will receive 3X GrabRewards for overseas Grab spend.

About GX Bank

GX Bank Berhad (GXBank) – regulated by Bank Negara Malaysia and protected byPerbadanan Insurans Berhad Malaysia (PIDM) up to RM250,000 for each depositor – is Malaysia’s first digital bank that commenced operation on 1 September 2023. With the majority of the workforce made up of Malaysians from both the finance and technology sectors, the bank aims to disrupt the current banking industry with customised innovative solutions that empower Malaysians to be financially resilient and support their financial goals.

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.

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