Telco Singtel and superapp Grab have launched GXS, Singapore’s first digital bank for consumers and businesses. This launch follows the Grab-Singtel venture’s acquisition of one of two full virtual banking licenses from the Monetary Authority of Singapore 18 months ago.
GXS aims to serve the underbanked population, beginning with a savings account designed specifically for gig economy workers, self-employed entrepreneurs, and early-jobbers. The GXS Savings Account offers daily interest earnings with no minimum balance requirement, assisting users in managing their cash flow.
Additionally, the account features “Saving Pockets,” which allow customers to set aside funds for various savings goals while utilizing visualization and smart nudges to encourage discipline in saving.
Charles Wong, Singapore CEO of GXS, stated, “GXS is uniquely positioned to learn and refine the banking experience, making it highly personalized and relevant to our customers. We are integrated within a powerful ecosystem that includes Grab and Singtel.”
He added, “Their platforms, used daily by over three million Singaporeans, facilitate frequent interactions, providing us with valuable insights into our customers’ needs and how we can seamlessly serve them across all touchpoints within our ecosystem.”
Meanwhile, tech giant Sea, which holds the other full virtual banking license from MAS, has yet to release its app.