GXS Bank

The Grab-Singtel digital bank consortium, now branded as GXS Bank, announced the roll out of its savings account ahead of its launch.

To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams. Each of these pockets will earn a daily interest of 1.58 percent. The GXS Savings Account offers a yearly interest of 0.08 percent that will be accrued daily and customers will be able to deposit up to S$5,000 at launch.

GXS Bank, a Singapore digital-only bank backed by a consortium led by Grab Holdings and Singtel, has officially announced its launch.

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 CEO of GXS. As part of its launch, the bank has also unveiled the GXS Savings Account, with a “Pockets” feature that enables the account holder to arrange and save money within the account itself. The bank said that it plans to leverage the technological capabilities and the collective power of the GXS, Grab and Singtel ecosystem with the aim of “revolutionizing” banking services, according to a press release.

SINGAPORE -- One of Southeast Asia's most prolific technology startups and the region's largest telecommunications firm launched their digital banking.

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

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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.

SINGAPORE: GXS Bank, the digital bank joint venture of ride-hailing firm Grab and Singtel, launched Singapore's first digital bank on Wednesday (Aug 31) for ...

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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.