GXS Bank launches Singapore’s first and only credit card that charges a flat fee in lieu of revolving interest
SINGAPORE, 7 October 2024 – GXS Bank today announced the launch of the GXS FlexiCard, Singapore’s first and only credit card that charges flat fees in lieu of interest on outstanding balances.
The GXS FlexiCard is designed for consumers who are new to credit or who often struggle with access to credit products due to a lack of credit bureau history. These include individuals who are about to embark on or have just started their careers, gig workers and entrepreneurs. To ensure that these consumers have an option to credit while not being over-leveraged, the GXS FlexiCard has a limit of S$500.
GXS FlexiCard-holders can choose to settle their credit card bill in full or make the required minimum payment with a S$5 extension fee. The Bank is disrupting the market practice of charging daily interest on outstanding balances after the repayment due date for credit cards, thereby easing hefty interest payments for consumers.
Ms Jenn Ong, Head of Retail at GXS Bank, said, “We are thrilled to introduce the GXS FlexiCard, our latest product that continues to push the boundaries of financial inclusivity. The GXS FlexiCard is available to eligible Singaporeans and permanent residents, including the one in five workers here who earn less than $2,500 a month and do not meet the income requirement for most credit cards in the market. With the GXS FlexiCard, these consumers now have the opportunity to start building their credit history.
“As Singapore’s homegrown digital bank, we are with our customers every step of the way as they build their credit worthiness and thrive financially. The GXS FlexiCard could be their first credit product and that is why we designed it to safeguard them from the burden of snowballing interest repayments while ensuring flexible repayment options, transparent charges, and instant cashback.”
GXS FlexiCard - a stepping stone to credit worthiness
The GXS FlexiCard is open to eligible Singaporeans and permanent residents aged 21 to 55. There is no income requirement to apply for the GXS FlexiCard. Successful applicants will receive a credit limit of S$500.
Similar to the GXS Debit Card, the GXS FlexiCard offers instant cashback for eligible transactions. Additionally, travellers will benefit from no foreign transaction fees on their overseas purchases.
GXS FlexiCard-holders will also enjoy the flexibility for which the GXS Bank experience is known. At the point of application, they are able to choose their preferred repayment date according to what best fits their preferences and ability to pay.
Given that late credit card repayments will impact an individual’s credit rating, GXS FlexiCard customers will receive timely prompts and nudges via the GXS Bank app before their monthly repayment date.
There may be occasions when customers are unable to repay their outstanding balance in full. To extend their payment, GXS FlexiCard customers simply need to pay the minimum payment amount which can be from as low as S$15 and a flat fee of S$5.
At the same time, to encourage good credit discipline and to discourage defaults, customers who missed their repayment or repay less than the minimum payment amount will be charged a late fee of S$50. This is also less than the typical late charge of S$100 in the market today.
A full suite of financial solutions
With the launch of GXS FlexiCard, GXS Bank now offers a comprehensive range of retail banking products that empower customers to save, spend and borrow better.
This includes the GXS Savings Account that credits interest daily and includes a Boost Pocket feature that boosts the interest rate customers can earn on their savings. GXS Savings Account-holders may also apply for the GXS Debit Card that offers unlimited rewards on eligible transactions and no foreign transaction fees.
For customers looking for help to stretch toward their goals, GXS FlexiLoan offers a flexible revolving line of credit that enables customers to make multiple drawdowns. Interest is calculated on a daily non-compounding basis, allowing customers to save on interest when they repay early. In the first year GXS FlexiLoan was launched, customers were able to cumulatively save S$4million in interest by repaying their loans early. GXS FlexiLoan customers can also choose to take a GXS FlexiLoan Balance Transfer where they enjoy zero per cent interest with a one-time processing fee.
More details on GXS FlexiCard can be found at www.gxs.com.sg/flexicard.
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About GXS Bank
GXS Bank is a digital bank with a relentless focus to make banking better for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses.
The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.
GXS Bank holds a banking licence issued by the Monetary Authority of Singapore.
It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group.
For media enquiries, please contact:
GXS Bank to redefine banking services with Singapore’s first digital bank for consumers and businesses
SINGAPORE, 31 August 2022 – GXS Bank (GXS) today launched Singapore’s first digital bank for consumers and businesses. The Bank’s launch product is the GXS Savings Account, which has been designed to ease the pain points that these individuals experience as they save for their dreams.
GXS is backed by a consortium consisting of Grab Holdings (Grab) and Singtel. The Bank aims to revolutionise banking services for its customers by leveraging its technological capabilities and the collective power of the GXS, Grab and Singtel ecosystem.
GXS is also the first digital bank in Singapore to be awarded the Data Protection Trustmark by the Infocomm Media Development Authority (IMDA), testifying to the Bank’s best-in-class data protection practices to keep customers’ personal data safe and secure.
A bank that challenges banking conventions
To uplift basic banking standards in Singapore, GXS’ beach head strategy is providing a banking experience that addresses the pain points of Singapore’s underserved segment, such as the two in five adults who are underbanked.
Charles Wong, Singapore CEO of GXS, said, “GXS is a homegrown bank on a mission to support the needs of the entrepreneurs, gig economy workers and early-jobbers in our community. To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams.
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.”
A savings account that raises the bar
GXS’ first financial product is the GXS Savings Account, which is designed to address the gaps that hinder consumers such as those who are gig economy workers, self-employed entrepreneurs and early-jobbers from reaching their saving goals.
For example, given that cash flow is important for this group of individuals, the GXS Savings Account enables them to earn interest daily. GXS Savings Account-holders also do not need to worry about being penalised with fees should they need to withdraw their savings as there is no minimum balance requirement.
The GXS Savings Account is also designed to encourage customers to stay disciplined with their savings without the hassle and stress that may be associated with this activity.
Understanding that consumers in Singapore have the habit of allocating different pockets of funds for different goals, GXS has an intuitive feature within its Savings Account known as Saving Pockets that enables customers to do just that.
In designing Pockets, GXS incorporated techniques such as visualisation and smart nudges to help its customers develop and sustain a habit of saving.
For example, saving is no longer just setting money aside in an account with a string of numbers. Instead, GXS customers can customise their Pockets to make saving for their dreams personable. In addition to naming their Pockets, customers can choose to tag their Pockets to any photo which resonates with their goals.
To help them stay on track with their saving habit, GXS also sends timely nudges to customers, such as encouraging them to top up their Pockets when they’re close to their goals or cheering them on the progress they have made.
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A Gen Z bank that is born to grow with customers in the digital age
A digital native, GXS is built to stay nimble and agile alongside customers as their needs change over time and their expectations are continually shaped by technology.
For example, GXS has built a data infrastructure that enables the Bank to analyse the data swiftly in order to generate extensive and meaningful insights. GXS uses these insights to develop, refine and iterate new features, services and conversations that matter to its customers.
“GXS is uniquely positioned to learn and to refine the banking experience so that it is extremely personalised and relevant to customers because we are part of a powerhouse ecosystem that includes Grab and Singtel. Their platforms are used daily by more than three million Singaporeans. The frequent interactions between consumers and the platforms within our ecosystem provide us with deeper and sharper insights on what our customers need and how we can serve them seamlessly across all touchpoints within our ecosystem,” Mr Wong said.
As customers continue to make transactions and interact within the ecosystem, GXS is able to understand their banking needs more deeply and offer them hyper-personalised support.
GXS’ digital bank app will be available in Apple’s App Store and Google Play Store from 5 September 2022. The Bank’s services will be rolled out progressively to consumers thereafter, starting with selected employees and underbanked customers within the GXS, Grab and Singtel ecosystem.
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About GXS Bank
GXS Bank (GXS) is a digital bank with a relentless focus to make banking better for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses.
The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.
GXS holds a banking licence issued by the Monetary Authority of Singapore. It is backed by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group.
For media enquiries, please contact:
