GX Bank Berhad (GXBank), Malaysia’s pioneering digital bank, is set to introduce its beta app to a selected group of 20,000 users starting November 14, 2023.
The beta release follows successful testing among bank employees and partners, marking a significant milestone in the journey towards digital banking innovation in the country.
As the first digital bank to commence operations in Malaysia, the GXBank App stands out with its user-friendly interface and robust safety features, ensuring the trust and security of users’ data and funds. The app’s development adheres to regulatory expectations, emphasizing the technical requirements of a digital bank while prioritizing the safety of user information.
Chief Technology Officer of GXBank, Fadrizul Hasani, highlighted the collaborative effort behind the beta app, involving inter-company teamwork and valuable customer feedback. “With the support and knowledge of our partners, we have built a convenient, seamless, fuss-free, and secure digital banking app, compatible with all mobile phones. This enables us to offer digital banking services to users of all financial capabilities and tech understanding,” he stated.
Savings Goals and Features
During the beta testing phase, users will have the opportunity to create a GXBank Savings Account and up to 10 “Pockets,” which are designated for various savings goals. These could range from retirement plans to saving for a holiday or a new home. Money saved in these “Pockets” will earn daily interest of up to 3% p.a., allowing users to monitor their progress and receive tips to expedite their savings goals.
In addition to being licensed by Bank Negara Malaysia, GXBank ensures users’ peace of mind by:
- Guaranteeing that all deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), up to RM250,000 for each depositor.
- Allowing users to lock and secure their accounts in case of any fraudulent or unauthorized transactions.
- Implementing daily spending limits to prevent overspending.
Users can also enjoy various benefits, including RM20 cashback with a minimum deposit of RM100, a waiver on RM1 processing fee for cash withdrawals at MEPS ATMs nationwide (coming soon), and unlimited cashback with the GXBank debit card (coming soon).
Pei Si Lai, GXBank Chief Executive Officer, expressed excitement about the launch and emphasized that this is just the beginning of a comprehensive suite of financial services, products, and benefits. “We are one step closer to our nation’s vision of a financially resilient country where Malaysians can have equitable access to financial products that cater to their individual needs,” said Pei Si.
To sign up and start saving within minutes, users need to follow a straightforward eKYC (electronic Know Your Customer) and account setup process:
- Download the app from the Google Play Store or Apple App Store.
- Upload a digital copy of the national identity card (MyKad).
- Complete the eKYC process as stated in the app.
- Add a minimum of RM10 into the savings account and set up Pockets if desired.
For existing Grab users, the GXBank app can be accessed through the Grab App itself. As GXBank progresses, it aims to create a digital banking experience tailored to the financial needs of Malaysians, bringing the nation closer to financial resilience and inclusivity.
