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Daily Markup #586: GXS Bank, Singapore’s first digital bank by Grab and Singtel, launches savings account with up to 1.58% annual interest rates

Ching Yee Ho




Credit: SBR

The future of banking today

  • Remember when 500-backed superapp Grab formed a consortium with Singapore telco company Singtel, and the team was awarded one of Singapore’s first digital banking licenses?
  • Together, they formed GXS Bank, which just launched its first financial product, the GXS Savings Account. GXS will allow customers to earn daily interest deposits of up to 1.58% per annum with no requirement for minimum deposits!
  • GXS is aiming to provide its services to customers, including the underbanked segment, by leveraging the tech capabilities of both Grab and Singtel. Both platforms are currently used by more than 3 million Singaporeans.
  • Charles Wong, Singapore CEO of GXS says the digital bank optimizes basic savings account to support the needs of entrepreneurs, gig economy workers, and early-jobbers.
  • “Over the coming months, we will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit,” he added.
  • Read the full article on Forbes here.

Ching Yee Ho