GXS Group saw accelerated growth in 2024 driven by its enhanced suite of banking services
SINGAPORE, 20 November 2024 – GXS Group announced today that its rate of growth from January to September 2024 has doubled over that of the same period last year.
This comes as GXS Bank in Singapore and its subsidiary GXBank in Malaysia continue to build their suite of products, enabling more consumers to save, borrow and transact with ease on the banks’ mobile apps.
In Indonesia, the Group works closely with Superbank, which shares the same parentage as GXS Bank, with Grab and Singtel among its shareholders. Superbank also leverages the same core banking system, technology, data and product infrastructures which are used across the Group.
More than 3 million customers in the region hold either a GXS Bank, GXBank or Superbank account.
Mr Muthukrishnan Ramaswami, Group CEO of GXS Bank, attributed the Group’s increasing rate of growth to its “many brands, one bank” strategy.
“At GXS Group, we have built what I would call a ‘GXS digital bank operating system (GXS OS)’ - in short, a bank in your pocket. The GXS OS is the backbone of our digital banks and is complemented with the in-market expertise of our people, whose deep understanding of the nuances in each country helps our speed to market. This business model has enabled three digital banks to launch in the space of just two years, and we are now seeing growth and increased momentum across the Group as we leverage solutions across multiple markets,” Mr Ramaswami said.
Considered approach to serve customers sustainably for the long term
GXS Bank, GXBank and Superbank share the same mission of improving financial inclusion and serving the underserved in their markets. To do so sustainably, the digital banks ensure that they have a strategic mix of underserved individuals and mass affluent customers.
In Singapore, four in five GXS Bank customers are underserved. They could be at the early stages of their careers and under the age of thirty, gig economy workers or self-employed entrepreneurs who may not earn a fixed monthly income. This also includes the 25 per cent of GXS FlexiLoan customers who had no or thin credit bureau records when applying for the loan.
These customers have shown that they are reliable savers. Their average savings grew 60 per cent year on year, outpacing the average deposit balance growth rate across the Bank. They are also disciplined borrowers. Eighty per cent of GXS FlexiLoan customers in this segment have made at least one early repayment to benefit from the product design which calculates interest daily. In addition to enabling customers to enjoy interest savings, the product also does not impose any early repayment fees.
GXS Bank’s innovative product design and customer experience has also appealed to customers from the mass affluent segment, such as the 20 per cent of GXS FlexiLoan customers who earn $8,000 or more each month. They tend to hold more sizable loans, with their total loan amount making up close to 60 per cent of the Bank’s loan book.
The mass appeal of the GXS FlexiLoan has resulted in steady loan growth for the Bank. In the past six months, GXS Bank has seen loans double to 200,000 and is now one of the top six banks for personal loans in Singapore.
2025: The year of scaling up for GXS Group
Having launched its retail banking services successfully, GXS Bank is on track to launch its business banking solutions in the first quarter of 2025. Business banking services will be rolled out progressively in Malaysia and Indonesia.
In Singapore, GXS Bank will first open its business banking services to sole proprietorships and micro-businesses as these companies are typically underserved by traditional business banking services. As such, they generally have unmet financial needs including access to loans for business expansion.
GXS Bank has been running a pilot programme with selected sole proprietorships in its ecosystem to co-create and refine its business banking proposition. One in two proprietorships in Singapore are either served by or are partners of Grab and Singtel.
GXS Bank will progressively expand its pilot programme to sole proprietorships outside its ecosystem in the coming months.
Companies who sign up for GXS Bank’s business banking service will be offered a business operating account with an unsecured business line of credit, if they are eligible for the latter. The GXS Biz Account and GXS FlexiLoan Biz share the same innovative and market-disrupting product constructs as their retail banking counterparts, such as daily interest crediting for deposits, no early-repayment fees and interest savings when they repay their loans early.
“All three digital banks in Singapore, Malaysia and Indonesia have launched a suite of retail banking solutions that cover all fundamental banking needs - save, borrow and spend. Our business banking solutions are also well under way and will be rolled out in the three markets in the near future. We are well-positioned to grow our business and serve even more customers in the coming year. 2025 will be the year of significant scaling up for the digital banks in the GXS Group,” Mr Ramaswami said.
-Ends-
About GXS Bank
GXS Bank is a digital bank focused on making banking better for the everyday consumer and small businesses. 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. GXS Bank works closely with GXBank, its digital bank subsidiary in Malaysia and Superbank, a digital bank in Indonesia.
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.
.png)
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.
-END-
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:
