First digital bank launches in Singapore: who’s behind it?

The launch comes 18 months after Asia’s leading telecom group and a superapp provider secured a full virtual banking license from the Monetary Authority of Singapore

digital bank Singapore

First digital bank launches in Singapore. Source: GXS

Telco Singtel and superapp Grab launched GXS, Singapore’s first digital bank for consumers and businesses. Focusing on the underbanked, the bank offers a savings account that will target gig economy workers, self-employed entrepreneurs and early-jobbers. 

Taking into consideration the needs of its target audience, the GXS Savings Account lets users earn interest daily and has no minimum balance requirement. Furthermore, the challenger bank encourages customers to stay disciplined with their savings. Thus, a “Saving Pockets” feature lets customers set different saving goals, using visualisation and smart nudges to help achieve them.

In the coming months, the bank will also tackle other obstacles that hinder consumers and small businesses from reaching their goals, such as growing wealth or accessing credit.

Signing up with GXS is currently possible by invite only. The bank will start offering its services to the representatives of a three-million-customer ecosystem that includes Grab and Singtel. The bank is opening up access progressively to make sure that everything goes smooth. Meanwhile, all eager applicants can download the GXS app from 5 September 2022, and register their interest. 

Further app development promises to be highly customer-centered. The founders believe that frequent interactions between consumers and the platforms provide them with deeper and sharper insights on what customers need. Therefore, GXS can better serve its customers seamlessly across all touchpoints. 

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