GXS

GXS Bank, the digital bank joint venture between Malaysian ride hailing firm Grab Holdings and Singaporean telecommunication operator Singtel, unveiled its ...

[Anthony Tan](https://www.forbes.com/profile/anthony-tan/?sh=23448a28485c) and Hooi Ling Tan in 2012 as a taxi-booking app but has since grown to become a superapp which incorporates a variety of different services on its platform. “Ride hailing and food delivery will be the mainstays of [Grab’s] revenue. Financial services contributed $13 million, accounting for 2.3% of its overall revenue, but it represents a jump of 94% from the same period in 2021. And investors are backing the move. Grab’s ride hailing and delivery business still have yet to turn a profit. “Over the coming months, we will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit,” he said in the company’s statement.

GXS said in a statement the bank's launch product is the GXS savings account, which has been designed to ease the pain points that individuals experience as they save for their dreams. According to the statement, the bank aims to revolutionise banking ...

For example, GXS has built a data infrastructure that enables the bank to analyse data swiftly in order to generate extensive and meaningful insights. The bank’s services will be rolled out progressively to consumers thereafter, starting with selected employees and underbanked customers within the GXS, Grab and Singtel ecosystem. Given that cash flow is important for this group of individuals, it said the GXS aavings account enables them to earn interest daily. For example, saving is no longer just setting money aside in an account with a string of numbers. “Their platforms are used daily by more than three million Singaporeans. To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams,” said Charles Wong, Singapore Chief Executive Officer of GXS.

GSX Bank, backed by Grab and Singtel, has launched as Singapore's first digital bank for consumers and businesses. What is it offering?

Click here to find out more about our partners. Find out more about how we use your information in our Privacy Policy and Cookie Policy. You can select 'Manage settings' for more information and to manage your choices.

GXS Bank, backed by super app provider Grab and Asian communications tech group Singtel, has launched a digital bank for consumers and businesses in ...

and the U.S. “Over the coming months, we will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit.” and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones. [Benchmarking the World’s Digital Transformation](https://www.pymnts.com/global-digital-transformation-benchmark-connected-economy-index-innovation/),” a PYMNTS and [Stripe](https://stripe.com/) collaboration. 31) press release. [GXS Bank](https://www.gxs.com.sg/), which is backed by Southeast Asian super app provider [Grab](https://investors.grab.com/) and Asian communications technology group [Singtel](https://www.singtel.com/), has launched a digital bank for consumers and businesses in Singapore.