$Grab Holdings (GRAB.US)$ KUALA LUMPUR (Nov 14): Grab-led GX...

$Grab Holdings (GRAB.US)$ KUALA LUMPUR (Nov 14): Grab-led GX Bank Bhd (GXBank) is rolling out its beta app to selected 20,000 Malaysians users effective from Tuesday. It also unveiled its application features and interface at the GX Bank Beta Application Media Immersion Workshop that took place on Nov 2. 

This came after successfully testing the beta app among employees of the bank and its partners. The beta app which is now available for download on Google Play Store and Apple App Store allows users to seamlessly set up a banking account for free. 

For the account set-up, users should complete an electronic Know Your Customer (eKYC) verification using their Malaysian Identification Card (MyKad) and then be directed to do facial recognition using biometrics.

Once the account is set up, the app will provide users with a banking account number and prompt them to transfer an amount as low as RM10 into their account. According to RinggitPlus.com, a financial comparison website, a physical bank’s savings account takes a minimum deposit of RM20 up to RM1,000. 

“Since this is directed to the underserved population we wanted to ensure the most minimum amount that can be transferred into the account,” said Lai Pei Si, CEO of GXBank. 

In a statement in September, the firm said it will leverage technology and innovation to serve the needs of the unserved and underserved individuals as well as micro and small medium enterprises (MSMEs). 

Last year, five applicants for the digital bank licences were approved by the Minister of Finance Malaysia. One of them was GX Bank, which was also the first out of the five applicants to receive a regulatory approval to start its digital bank operations in Malaysia, ahead of the April 2024 deadline. 

GXBank received approval to start its digital bank operations effective from Sept 1. It is also a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) and a consortium of other Malaysian investors, including Kuok Group.

Reaching financial milestones piece by piece

During the beta-testing phase, users will be able to create a GXBank savings account and up to ten “Pockets”. 

These “pockets” are savings goals created within the app to encourage users to cultivate a saving behaviour for specific needs and dreams. Users can save up for a variety of purposes such as their retirement plan, an upcoming holiday or even for a new home. 

Money stashed in “Pockets” will earn daily interest of up to 3% pa, and users can monitor their savings progress and receive periodic tips to amplify their savings.  

Lai also stated that thousands of surveys were done among Grab and GXSBank’s existing clients to pinpoint the pain points. Among the challenges addressed while developing the bank app include incumbent bank systems daily maintenance downtime, having the hassle of sending documents and visiting the branch as well as having to print documents on papers. 

“Our features consist of 24/7 system uptime for full banking access, it takes less than 10 minutes of onboarding process and also instant paperless application for credit products [which will roll out in the near future],” she added. 

Additionally, the digital-only bank said it will support customers’ needs through various channels including a bank app and all-day customer support. The CEO also said it will include Bahasa Melayu and Mandarin languages to cater to a wider community once the app is officially launched. 

Moreover, to protect the peace of its users’ mind, the bank ensures a deposit guarantee of up to RM250,000 from Perbadanan Insurans Deposit Malaysia (PIDM) for each depositor as per Bank Negara guidelines. 

Among the benefits users can enjoy during include RM20 cashback on with a minimum deposit of RM100 and a up to six months GrabUnlimited. 

The CEO also stated that a waiver on the RM1 processing fee for cash withdrawals at MEPS automated teller machines (ATMs) nationwide will be introduced in the future. Additionally, there will be unlimited cashback opportunities every time customers use GXBank’s debit card for transactions once it is rolled out. 

Malaysians interested to be part of subsequent testing phases can register here https://gxbank.my/