GXS Bank (Singapore)

GXS Bank (Singapore) is one of Singapore’s first fully licensed digital banks, created through a strategic partnership between Grab Holdings (the Southeast Asian super app) and SingTel (Singapore’s leading telecommunications company).

Launched in August 2022, GXS Bank is designed to make banking simpler, more inclusive, and data-driven, targeting underserved customers such as gig workers, young professionals, and small business owners.

With its mobile-first approach, GXS is pioneering a new era of personalized, lifestyle-integrated banking in Singapore.

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Founding and Background

The Origins of GXS Bank

• Founded: 2022
• Ownership: Joint venture between Grab Holdings (60%) and SingTel (40%)
• Regulated by: The Monetary Authority of Singapore (MAS) under the Digital Full Bank (DFB) license.
• Objective: To offer digital-first financial services focused on accessibility, simplicity, and trust, without the overheads of traditional branches.

Vision and Mission

GXS aims to become the everyday digital bank — one that evolves with its customers’ lives by integrating financial services seamlessly into daily activities such as commuting, shopping, food delivery, and communications.

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Key Products and Services

1. GXS Savings Account

• No minimum balance and no fall-below fees.
• Allows users to create “Savings Pockets” — sub-accounts for specific goals like travel, education, or emergency funds.
• Interest rate: Up to 2.68% p.a. on selected savings pockets (as of 2025).
• Designed for micro-savings and short-term goals, perfect for gig workers and freelancers.

2. GXS Debit Card (Virtual)

• Digital debit card linked directly to the GXS app.
• Works with Apple Pay and Google Pay.
• Offers instant cashback and real-time spending insights.
• Physical card options expected in future rollouts.

3. Microcredit and Loans (Upcoming Expansion)

• Targeted small credit lines for qualified customers, based on alternative data from Grab and SingTel ecosystems.
• Tailored repayment options to suit variable income earners like drivers, couriers, and part-time workers.

4. GXS App Features

• Fully digital, paperless onboarding using Singpass MyInfo.
• 24/7 access to transactions, insights, and support.
• AI-powered financial coaching and personalized reminders.
• Instant fund transfers via PayNow integration.

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Technology and Innovation

GXS Bank is built on a cloud-native banking platform, enabling agility, scalability, and advanced analytics.

Key innovations include:

1. Data Intelligence: Uses real-time insights from Grab and SingTel to understand spending habits and personalize offers.
2. Machine Learning: Provides adaptive credit scoring and predictive savings recommendations.
3. Human-Centered Design: The app is built to be simple, transparent, and engaging, with gamified financial tools.
4. Security by Design: Utilizes biometric authentication, 2FA, and advanced encryption standards to protect user data.

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Target Audience

GXS Bank primarily serves:

• Gig Economy Workers: Drivers, riders, and freelancers seeking flexible banking.
• Young Professionals: Millennials and Gen Z users who prefer mobile-first experiences.
• Underbanked Individuals: People overlooked by traditional banks due to limited credit history.
• SMEs and Micro-Entrepreneurs: Businesses that need simple, low-cost financial tools.

By focusing on inclusivity, GXS helps democratize access to financial services across Singapore’s modern workforce.

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Backing and Strategic Strength

1. Grab Holdings

• One of Southeast Asia’s largest tech ecosystems with services in transport, delivery, payments, and more.
• Provides data intelligence and integration for real-world applications (e.g., payments and rewards).

2. SingTel

• Singapore’s largest telecommunications company with strong consumer trust and digital infrastructure.
• Supports GXS’s network, cybersecurity, and digital marketing reach.

Together, Grab and SingTel provide GXS with a massive existing user base, cutting-edge data capabilities, and powerful brand credibility.

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Security and Regulation

• Licensed and regulated by the Monetary Authority of Singapore (MAS).
• Deposits insured under the Singapore Deposit Insurance Scheme (up to S$75,000 per depositor).
• Regularly audited to ensure compliance, transparency, and cybersecurity standards.

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Milestones and Achievements

• 2022: Officially launched to the public as one of Singapore’s first digital full banks.
• 2023: Expanded Savings Pockets and integrated GrabPay top-ups within the app.
• 2024: Cross-platform integration with Grab and SingTel’s apps, expanding its ecosystem reach.
• 2025: Recorded over 600,000 registered users within its first 30 months.
• Recognized as “Best New Digital Bank in Asia” by Asian Banking & Finance Awards (2024).

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Sustainability and Financial Inclusion

GXS promotes financial inclusion and responsible banking through:

• Encouraging micro-saving habits for those new to banking.
• Providing data-driven access to credit for underserved communities.
• Supporting paperless and carbon-light banking operations.
• Empowering Singapore’s digital economy through innovation and inclusivity.

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Why GXS Bank Stands Out

1. Born Digital: No branches, no paperwork — banking entirely in your pocket.
2. Everyday Integration: Connected to Grab rides, SingTel bills, and everyday spending.
3. Inclusive Design: Serves the underbanked and gig economy workers.
4. Smart Tools: Personalized insights to help customers save and spend wisely.
5. Trusted Partners: Backed by Grab and SingTel, two of Singapore’s most recognized brands.

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Future Outlook

GXS Bank is expected to:

• Launch new credit products and SME financing tools.
• Integrate further with Grab’s payment and loyalty ecosystem.
• Expand regionally into other Southeast Asian markets under Grab-SingTel Digital Bank partnerships.
• Leverage AI to provide hyper-personalized financial management and dynamic savings goals.

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Conclusion

GXS Bank Singapore is reshaping what it means to bank in the digital age — intuitive, inclusive, and integrated with daily life. Backed by Grab’s innovation and SingTel’s reliability, GXS empowers Singaporeans to save smarter, spend wisely, and achieve financial freedom on their terms.

As one of Singapore’s first digital full banks, GXS isn’t just competing with traditional banks — it’s redefining banking for the next generation.