GXBank, the digital bank led by Grab, has announced a new initiative called GX Untuk Semua. Officiated by prime minister Anwar Ibrahim, the initiative aims to solidify Malaysia’s position in the digital banking landscape in the years to come.
The Grab-led digital bank has committed a RM1.5 billion investment over the next five years as part of the effort to build the country into a top 20 global startup hub. GX Untuk Semua will focus on developing local skilled talent in the digital finance sector, as well as developing core competencies, best-in-class industry practices, and innovative solutions.
Moreover, the initiative includes using the latest technology to address financial access for underserved communities. To manage risk and fraud, alongside personal lending, the digital bank will deploy AI-based solutions. GXBank will also encourage tech entrepreneurship to meet the country’s digital finance needs.
While GXBank launched less than a year ago, the company has already amassed over 750,000 users, including 500,000 users of its debit card along with 800,000 savings pockets. Up until July 2024, the bank claims that there have been over nine million debit card transactions and four million QR transactions.
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