GXS Bank to receive banking licence in Malaysia

Tuesday 3 May 2022 11:58 CET | News

Grab and Singtel have announced that GXS Bank, their digital bank joint venture, has been selected to receive a full digital banking licence in Malaysia.

Subject to regulatory approvals, the digital bank joint venture will hold a 55.45% stake in the proposed Malaysia digital bank. The bank to be established by the Malaysia digital bank consortium is expected to allow local micro-SMEs and other financially underserved segments such as gig economy workers to access a suite of financial services that will serve them through their lifecycle.

In particular, small and medium-sized enterprises (SMEs) are expected to be key beneficiaries of digital banking. Moving forward, the Malaysia digital bank consortium will work closely with Bank Negara Malaysia to meet all of its requirements in order to be awarded the Malaysia digital bank licence, as the press release says.

The digital bank joint venture between Grab and Singtel was formed in 2020 and selected to be awarded a full digital banking licence in Singapore.

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Keywords: partnership, funding, banking license, central bank, SMEs
Categories: Banking & Fintech
Companies: Grab, Singtel
Countries: Malaysia
This article is part of category

Banking & Fintech




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