Grab’s GXBank Starts Beta Testing, 20,000 Malaysians Selected

It’s they are rolling out the beta testing of their app.

The beta testing of their app will be rolled out to selected 20,000 Malaysians, and it comes after a successful beta testing period of the app amongst their own employees and partners.

GXBank is the first fully digital bank in Malaysia, which means that they have no ATMs and physical branch offices. The fully digital bank boasts a clean and easy to navigate interface with key safety functions built into it, to help secure users’ trust.

To provide a secure digital banking app

According to GXBank’s Chief Technology Officer Fadrizul Hasani, GXBank’s beta app is a product of inter-company, multi-team collaboration and customer feedback.

“We leveraged the combined learnings from our partners, their techstack and their deep understanding of their customers to develop something we hope will address the needs of Malaysians.

With their support and knowledge, we have built a convenient, seamless, fuss-free and secure digital banking app, compatible with all mobile phones with the latest operating system,” said Fadrizul in a press release.

Pockets and other features unique to their app

GXBank’s beta test app comes with several features that sets it apart from other traditional banks in Malaysia, such as their ‘Pockets’ feature. 

The ‘Pockets’ feature is GXBank’s way to help Malaysians achieve their savings goals, and to help them cultivate a saving behaviour for their goals.

With the ‘Pockets’ feature, users will be able to set aside money in their savings account to specific ‘Pockets’, where they will earn daily interest of up to 3.0% p.a.

During the beta-testing phase, users will be able to create a GXBank Savings Account and up to 10 “Pockets.” 

Licensed and PIDM protected

GXBank is also licensed by Bank Negara Malaysia, and comes with several security measures such as;

• Assuring all deposits are protected by Perbadanan Insurans Deposit Malaysia (PDIM), up to RM250,000 for each depositor,
• Enabling users to lock and secure their accounts if they observe any fraudulent or unauthorised transactions, and
• Limiting daily spending to help users not overspend.

According to GXBank’s Chief Executive Officer Pei Si Lai, GXBank’s beta testing roll out is just the beginning of a host of offerings that GXBank hopes will help Malaysians achieve and reclaim their financial goals.

 “As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations,” said Pei Si.

Promises a seamless eKYC setup

GXBank also boasts a quick and seamless eKYC (electronic Know Your Customer) and account setup process. To set up an account, all you need to do is follow these four steps;

1. Download the app from the Google Play Store of Apple App Store 
2. Upload a digital copy of the national identity card (MyKad)
3. Complete the eKYC process as stated in the app 
4. Add a minimum of RM10  into the savings account and set up Pockets (if so desired)

And since GXBank is affiliated with Grab, existing Grab users can access the GXBank app through the Grab App itself.