GXS Bank, a digital banking project by Grab Holdings and Singapore Telecommunications, launched Singapore’s first digital bank on Wednesday and linked it to a savings account.
The rollout of the GXS savings account comes after GXS received a fully digital banking license from the Monetary Authority of Singapore in 2020 while expanding to other countries in Southeast Asia.
In April, a GXS-led consortium secured a digital banking license in Malaysia, three months after its parent company bought PT Bank Fama International’s 16.3% stake to exploit banking opportunities in Indonesia. In Singapore, GXS intends to serve the underprivileged population.
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“GXS is a homegrown bank on a mission to support the needs of entrepreneurs, gig economy workers, and early-jobbers in our community,” GXS Singapore Chief Executive Officer Charles Wong said. “To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams.”
The GXS Savings Account will be available on the Apple App Store and Google Play Store from early September and will be gradually developed and expanded from individual employees and underbanked customers through GXS, Grab, and Singtel.
The account will also provide daily interest deposits up to 1.58% per annum and does not require a minimum deposit.
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