KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has today launched GX Bank Bhd's (GXBank) "GX Untuk Semua" initiative, highlighting its support for Malaysia's nation-building and KL20 vision of becoming a top global startup hub.
GXBank, a digital bank led by Grab, plans to invest RM1.5 billion in Malaysia over the next five years.
This includes launching the "GX Untuk Semua" initiative to enhance Malaysia's role in digital banking.
Anwar said to keep pace with regional peers, the transformation of digital banks in Malaysia must be expedited and well-supported.
He added that regionally, Malaysia is not among the early adopters of digital banks and has been trailing in several aspects.
Therefore, he said the government, through the Ministry of Investment, Trade and Industry and the Ministry of Digital Communications, has taken measures to ensure that digital banks are no longer hindered by lengthy regulations and processes.
"GXBank and other digital banks must implement these changes quickly and efficiently.
"Indeed, the journey is a thousand miles, but if we follow a slow pace, we will fall behind as we have not started with the required speed.
"In this context, therefore, I am proud of GXBank for starting and progressing at a faster pace," he said during the launch of the GXBank headquarters and the GXBank Centre of Excellence here today.
Also present were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and Digital Minister Gobind Singh Deo.
Anwar noted that for long-term sustainability, it is important for digital banks to be more inclusive and address the needs of the public.
He expressed full confidence that GXBank will successfully meet this challenges and grow as a successful digital bank in Malaysia.
The "GX Untuk Semua" initiative is designed to focus on nurturing local tech talent, developing core competencies and best-in-class industry practices, and innovative solutions.
The initiative will leverage the latest in technology to address financial access and sustainable solutions for the underserved. It will also encourage tech entrepreneurship and provide opportunities for tech-based solutions to be explored for tomorrow's digital finance needs.
GXBank chairperson Datuk Zaiton Mohd Hassan said backed by a talented workforce of more than 95 per cent Malaysians, the bank is at the forefront of addressing real financial needs of every Malaysian.
She added that the "GX Untuk Semua" initiative aims to help build this pipeline by cultivating that future potential through new early-career programmes.
"While we are excited to introduce the initiative, it is more than a national aspiration or a tech hub to us.
"It also symbolises the many big and small financial dreams of every Malaysian we hope to help fulfil," she said.
GXBank - regulated by Bank Negara Malaysia and protected by Perbadanan Insurans Bhd Malaysia (PIDM) up to RM250,000 for each depositor – is Malaysia's first digital bank that commenced operation on Sept 1, 2023.
The bank earned the trust and support of 100,000 users within its first two weeks of debut in November 2023.
By the end of July 2024, it amassed more than 750,000 customers, who have set up more than 800,000 Savings Pockets.
In turn, these customers have conducted more than 13 million transactions collectively via GX Card and QR code.