GXBank (GX Bank Berhad), celebrates its first anniversary by unveiling the latest financial products to help Malaysians and MSMEs achieve their financial goals with the inaugural ‘GX 2.0 – Next Starts Now’.
The event also saw the launch of TeXnovasi, a collaborative effort between GXBank and Grab Malaysia, and supported by Cradle Fund Sdn Bhd (Cradle), MYStartup and 1337 Ventures which aims to build an inclusive and sustainable tech-based entrepreneurship ecosystem in Malaysia.
Pei-Si Lai, Chief Executive Officer of GXBank, who kicked off GX 2.0 said, “We now have almost one million Malaysians who have chosen us to support their financial journey. Collectively, they have made more than 24 million transactions and set up more than 900,000 Savings Pockets. With these insights about our customers, we are excited to now support Malaysians with lending facilities to support their financial goals.”
Pei-Si further added, “Additionally, in line with our mission, we are also excited about our partnership with industry leaders like Grab Malaysia, Cradle Fund, MYStartup and 1337 Ventures which will see us play an active part in growing Malaysia’s talent and tech startup ecosystem together.”
Changing How Malaysians Borrow
GX FlexiCredit will roll out progressively from November 2024 onwards to Malaysians. Eligible Malaysians who meet the necessary requirements can get instant approval of up to RM150,000 credit limit within minutes and disbursement, which means customers have the flexibility of getting immediate cash drawdown (with interest only on the drawdown amount) with zero fees if they choose to settle repayment early.
Additionally, in line with the government’s Belanjawan Madani 2025 intent to help close the financing gap for MSMEs, GXBank’s GX Biz Banking aims to be a one-stop solution for the business community to open an account and have a more convenient access to financing support, which is a prevalent pain point for small businesses in Malaysia.
Similarly to a retail GX Account, GX Biz Account offers the first fully digital onboarding for businesses and daily interest payouts. With GX Biz Account, micro-entrepreneurs can seamlessly apply for the GX Biz FlexiLoan via the app and if qualified, receive instant approval for a credit line of up to RM150,000. Business owners will also have the option of a flexible loan tenure up to three years, and the flexibility to make early repayments without any additional fee or interest.
Beginning with merchants in Grab Malaysia’s ecosystem, GXBank aims to roll out GX Biz Banking to small businesses across Malaysia by the first quarter of 2025.
TeXnovasi by GXBank and Grab Malaysia aims to elevate the Malaysian tech startup scene through public-private partnerships.
The programme will provide personalised mentorship from industry leaders, alongside expert-led workshops on innovation, market entry, and securing investment. Local startups who are passionate about creating impactful solutions to address Malaysia’s financial needs can apply to be part of the accelerator programme via the GXBank website.
Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle enthused, “TeXnovasi is more than a platform – it’s a catalyst for Malaysia’s tech entrepreneurs to scale beyond borders, turning visionary ideas into real-world solutions. By addressing specific industry and customer challenges, TeXnovasi has the potential to guide tech entrepreneurs to deliver innovations that are inclusive and designed for sustainable growth, ensuring long-term success and profitability with Malaysia’s needs in mind.”
“At Cradle, we are committed to building an ecosystem that not only supports local innovation but also empowers startups to access larger markets, fuelling growth and fostering a connected and resilient ecosystem through cross-border collaboration. Together with our partners, we hope TeXnovasi will become the avenue to support the nation’s goal of building a tech-centric, future-ready workforce and position us as the region’s technology hub.”
Present at the event were also partners such as Grab Malaysia, Jaya Grocer, Moomoo, PayNet and Shopback who will be offering customised deals and promotions for customers in the coming months.