GXS Bank Unveils Singapore’s First Digital Bank & A Fresh Take on Savings
Grab Holdings and Singapore Telecommunications have finally made the leap from ride‑sharing to banking, and the result is a brand‑new digital bank called GXS. This isn’t just a fancy app—GXS has rolled out a savings account that lines up with the real needs of locals, especially those who live in the gig economy or are just starting out in their careers.
What’s New?
- GXS launches its first digital bank in Singapore on August 31.
- It’s bundled with a simple savings account—no minimum balance, no hidden fees.
- Daily interest routine: up to 1.58 % p.a. on deposits.
- Easy access through Apple’s App Store and Google Play, starting September 5.
Why It Matters
Back in 2020, GXS secured a full digital banking licence from the Monetary Authority of Singapore (MAS). Since then, the team’s taken a multi‑country approach—launching in Malaysia, and gearing up for Indonesia by snapping up a 16.3 % stake in PT Bank Fama International. Now it’s targeting the under‑banked at home.
CEO’s Mission
“GXS is a homegrown bank on a mission to support entrepreneurs, gig workers, and early‑jobbers,” says Charles Wong, GXS Singapore COO. “We’re rewriting the rules of a basic savings account to fuel their dreams.”
Rolling Out
The new account will first go to select employees of GXS, Grab, and Singtel, as well as a group of customers who have struggled to find adequate banking services. Once those pilot users settle in, the app will open to the wider public.
Fun Fact: Daily Interest
Take a look at the numbers: a modest deposit could grow by 1.58 % every year—packed in a daily deposit structure that’s gentler than waiting for the bank’s quarterly updates.
Key Takeaway
With a mission that’s all about delivering real value to the gig economy, GXS Bank’s new savings account might not be the flashiest product, but it promises to be the most grounded—helping Singaporeans keep eye on the future without compromising on the present.
