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GXS Bank is a joint venture between Grab Holdings and Singapore Telecommunications that launched Singapore’s first digital banking system. It also bundles it with a savings account.

GXS Savings Account was launched after GXS obtained the full digital banking license from the Monetary Authority of Singapore for 2020. It is also expanding into other Southeast Asian countries.

In April, a GXS-led consortium obtained a digital banking licence in Malaysia. This was three months after its parents purchased a 16.3% share in PT Bank Fama International in order to explore banking opportunities in Indonesia.

GXS is a Singaporean charity that aims to serve the under-served.

Charles Wong, Chief Executive Officer of GXS Singapore said that GXS is a local bank with a mission to help entrepreneurs, workers in the gig economy and early-jobbers. To start, we challenge the idea of what a basic savings account could offer to help them achieve their goals and dreams.

GXS Savings Accounts will be available in Apple’s App Store and Google Play Store starting Sept. 5. They will be gradually rolled out, beginning with select employees and customers who are not yet banked under GXS or Grab, it said.

Wong stated that the account will have daily interest deposits up to 1.58% per year and there is no minimum deposit requirement during the launch.

The post Ride Hailing Firm Grab and GXS Bank Launch First Digital Bank in Singapore first appeared on The Daily Encrypt.


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Angie Byrd