Malaysia welcomed its first digital bank last week as GXBank, led by Grab, launched the beta version of its digital banking app. Although GXBank is presently limited to savings accounts, it aims to introduce a range of financial services in the future.
During the testing phase, users can create a GXBank Savings Account and allocate funds to up to 10 “Pockets” for specific savings goals. These “Pockets” accrue daily interest of up to 3% p.a., allowing users to track their progress and receive tips to expedite their savings goals.
While GXBank currently lacks options for DuitNow QR spending and does not offer debit cards for online and offline transactions, it plans to expand its offerings to include these features and more as it gathers user feedback and tests the stability of its app.
To join the waiting list and gain access to the app, interested individuals can download it from the Apple App Store or Google Play Store and provide their name and email. However, it’s important to note that users must have an existing bank account with a local bank and make a minimum deposit of RM10.
The registration process includes an electronic Know Your Customer (eKYC) verification using a local identification card and a one-time password (OTP). Security features such as facial recognition through biometrics can also be configured.
GXBank offers several selling points to attract users, including account security features, daily spending limits, cashback rewards, and a complimentary GrabUnlimited subscription. All deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), and GXBank plans to waive the RM1 processing fee for cash withdrawals at nationwide ATMs.
As the first digital bank in Malaysia, GXBank aims to develop financial solutions that cater to the needs of everyday Malaysians without the hassle of elaborate paperwork. In the future, GXBank plans to support other languages, including Bahasa Malaysia and Mandarin, to further ensure accessibility for all Malaysians.
With its innovative approach to savings accounts and plans for expansion, GXBank demonstrates the growing trend of digital banking in Malaysia and its potential to revolutionize the country’s financial landscape.
FAQ:
Q: What services does GXBank currently offer?
A: GXBank currently offers savings accounts, allowing users to allocate funds to specific savings goals.
Q: What is the interest rate for GXBank Savings Account?
A: Users can accrue daily interest of up to 3% p.a. on their savings.
Q: How can users join GXBank?
A: Interested individuals can download the GXBank app from the Apple App Store or Google Play Store, provide their name and email, and join the waiting list.
Q: What are the requirements to join GXBank?
A: Users must have an existing bank account with a local bank and make a minimum deposit of RM10.
Q: What security features does GXBank offer?
A: GXBank offers security features such as electronic Know Your Customer (eKYC) verification, one-time password (OTP), and facial recognition through biometrics.
Q: Does GXBank plan to expand its offerings?
A: Yes, GXBank plans to expand its offerings to include features like DuitNow QR spending and debit cards based on user feedback and stability tests.
Q: Does GXBank provide account protection?
A: Yes, all deposits in GXBank are protected by Perbadanan Insurans Deposit Malaysia (PDIM).
Q: Will there be any additional fees?
A: GXBank plans to waive the RM1 processing fee for cash withdrawals at nationwide ATMs.
Q: What are GXBank’s future plans?
A: GXBank aims to develop financial solutions that cater to the needs of everyday Malaysians, support other languages like Bahasa Malaysia and Mandarin, and revolutionize the country’s financial landscape.
Definitions:
1. Digital bank: A bank that operates primarily online, without any physical branches. Customers can access their accounts and perform banking transactions through digital channels such as mobile apps or websites.
2. Savings account: A bank account designed to hold money that is not immediately needed for day-to-day transactions. It typically earns interest on the amount deposited, providing a safe place to save money while allowing some level of accessibility.
3. DuitNow QR: A payment method in Malaysia that allows users to make payments by scanning a Quick Response (QR) code using a mobile banking app. It provides a convenient and secure way to transfer funds between accounts.
4. Debit card: A payment card that deducts money directly from a linked bank account when making a purchase. It allows users to access funds and make transactions without the need for carrying cash.
5. Know Your Customer (KYC): A process used by banks and other financial institutions to verify the identity of their customers. It involves obtaining information about the customer’s identity, address, and other relevant details to comply with legal and regulatory requirements.
Related links:
– grab.com
– Apple App Store
– Google Play Store
– Perbadanan Insurans Deposit Malaysia (PDIM)