GXBank has completed an operational readiness review and has been approved to commence operations eﬀective Sept 1, 2023, the bank said in a statement on Tuesday.

GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms, it added.

The lack of access to ﬁnancial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of ﬁnancial access, coupled with the unprecedented events over the last few years, have eroded ﬁnancial buﬀers for individuals, households and businesses, the bank noted. Since the pandemic, 55 percent of Malaysians’ household income has decreased dramatically, with almost 50 percent now claiming to have diﬃculty raising at least MYR1,000 ($214.49) as emergency funds.

GXBank, with more than 95 percent Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.

“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Bhd.

Supporting GXBank is the newly appointed Board of Directors, spearheaded by Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.

Zaiton shared that the board is excited to be part of GXBank’s journey to drive real change and the reinvention of Malaysia’s financial sector. “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational&nbsp;banking experience. We hope this will enable moreMalaysians to be financially independent, creating a better future for themselves, their families and the country,” said Zaiton.

With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including&nbsp;<a href="https://www.kuokgroup.com/">Kuok Group</a>, founded by Malaysia’s richest tycoon Robert Kuok.

In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.

<h1>GRAB-LED DIGIBANK GXBANK BECOMES FIRST TO GET MALAYSIA CENTRAL BANK'S APPROVAL TO COMMENCE OPERATIONS</h1>The Grab-led digital bank, GX Bank Bhd (GXBank), is the ﬁrst of the ﬁve digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.GXBank has completed an operational readiness review and has been approved to commence operations eﬀective Sept 1, 2023, the bank said in a statement on Tuesday.GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms, it added.The lack of access to ﬁnancial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of ﬁnancial access, coupled with the unprecedented events over the last few years, have eroded ﬁnancial buﬀers for individuals, households and businesses, the bank noted. Since the pandemic, 55 percent of Malaysians’ household income has decreased dramatically, with almost 50 percent now claiming to have diﬃculty raising at least MYR1,000 ($214.49) as emergency funds.GXBank, with more than 95 percent Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Bhd.Supporting GXBank is the newly appointed Board of Directors, spearheaded by Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.Zaiton shared that the board is excited to be part of GXBank’s journey to drive real change and the reinvention of Malaysia’s financial sector. “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational&nbsp;banking experience. We hope this will enable moreMalaysians to be financially independent, creating a better future for themselves, their families and the country,” said Zaiton.With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including&nbsp;<a href="https://www.kuokgroup.com/">Kuok Group</a>, founded by Malaysia’s richest tycoon Robert Kuok.In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.Banking made better
At GXS, we are a digital bank on a mission to make banking better for Singapore's everyday consumers and small businesses.(+65) 3105 2055
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The Grab-led digital bank, GX Bank Bhd (GXBank), is the ﬁrst of the ﬁve digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.

GRAB-LED DIGIBANK GXBANK BECOMES FIRST TO GET MALAYSIA CENTRAL BANK'S APPROVAL TO COMMENCE OPERATIONS

Wong said the company which is in the financial technology property segment, has replaced “more than RM12 million of rental deposits”. Based on reports, he said, the monthly gross rental value for residential and commercial properties in Malaysia totalled RM6 billion.

He reckoned that if the average was three months of rental deposits, it would be close to RM18 billion.

Wong said Blue Duck hopes to replace RM500 million in rental deposits per year and expects to achieve its target “five years from now”. Additionally, it aims to increase its market share to 5% within the same timeline.

However, he said the company is essentially focusing on zero deposit solutions, unlike other companies with similar offerings on the market.

“We work with all the stakeholders in the property sector to offer our solutions. We also have the USP (unique selling point) of giving focus on the tenant’s side rather than the landlords in terms of our product mainly because we need the tenant to actually commit,” he told&nbsp;SunBiz.

He said the company operates on business-to-business (B2B) and business-to-consumer (B2C) models. B2C consists of operators as well as property managers, which manage the properties on its platform. Consumers comprise tenants and landlords.

Currently, there are around 1,000 active tenancies on its platform and close to 90% of its tenants are below 35 years old.

In terms of revenue contribution, Wong said properties in Klang Valley contribute about 70%, followed by Johor Bahru 20% and Sabah 10%.

The company, he said, is targeting to grow by 50% this year, by partnering with players in the local property ecosystem.

“Previously, we worked with tenancy managers, now we’re expanding ourselves to property managers. So, we work with the property managers in town to expand our influence and increase adoption (for our offerings) and gain more market share.

“With property managers on board, then I can introduce more business tools and then we work with those ecosystem partners and they are already familiar with our products ... it’s a natural growth, because the market is still very new and 50% is very conservative,” Wong said.

On outlook, he opined that the company is benefiting from increased interest rates due to the overnight policy rate hikes, as it discourages home ownership and indirectly uplifts the rental market.

“Loan costs are getting more expensive. In terms of buying a property, the cost will be slightly more than in the previous years, which will discourage a lot of people from ... home ownership. With that, there’s an opportunity for us. Living is still a basic necessity for everyone, whether you are a home owner or renter.

“Our industry will continue to move (forward). (From what) we see on the market, if the interest rate goes up, it will also drive up the rental rate as well. For the past few months, the per square of the room and unit rental has increased more than 10% to 15%, which is alarming but that’s how the market goes.

“We are in the position to help the tenants ... landlords and the industry. We need to position ourselves better in order to capture a bigger market share,” Wong said.

Blue Duck plans to expand to Thailand and Indonesia and is open to talking to investors.

<h1>Blue Duck Tech helps tenants beat the rental deposit blues</h1>PETALING JAYA: Blue Duck Tech Sdn Bhd aims to replace up to RM500 million in rental deposits per year in the local property industry, which it hopes to achieve within the next five years via its Zero Deposit Programme.

Founder and CEO Earnest Wong said the programme, launched in 2021, intends to assist tenants in securing residential rental or commercial property without the need to pay a hefty upfront deposit. Instead, the tenant will pay a small fee to cover the cash deposit.Wong said the company which is in the financial technology property segment, has replaced “more than RM12 million of rental deposits”. Based on reports, he said, the monthly gross rental value for residential and commercial properties in Malaysia totalled RM6 billion.He reckoned that if the average was three months of rental deposits, it would be close to RM18 billion.Wong said Blue Duck hopes to replace RM500 million in rental deposits per year and expects to achieve its target “five years from now”. Additionally, it aims to increase its market share to 5% within the same timeline.However, he said the company is essentially focusing on zero deposit solutions, unlike other companies with similar offerings on the market.“We work with all the stakeholders in the property sector to offer our solutions. We also have the USP (unique selling point) of giving focus on the tenant’s side rather than the landlords in terms of our product mainly because we need the tenant to actually commit,” he told&nbsp;SunBiz.He said the company operates on business-to-business (B2B) and business-to-consumer (B2C) models. B2C consists of operators as well as property managers, which manage the properties on its platform. Consumers comprise tenants and landlords.Currently, there are around 1,000 active tenancies on its platform and close to 90% of its tenants are below 35 years old.In terms of revenue contribution, Wong said properties in Klang Valley contribute about 70%, followed by Johor Bahru 20% and Sabah 10%.The company, he said, is targeting to grow by 50% this year, by partnering with players in the local property ecosystem.“Previously, we worked with tenancy managers, now we’re expanding ourselves to property managers. So, we work with the property managers in town to expand our influence and increase adoption (for our offerings) and gain more market share.“With property managers on board, then I can introduce more business tools and then we work with those ecosystem partners and they are already familiar with our products ... it’s a natural growth, because the market is still very new and 50% is very conservative,” Wong said.On outlook, he opined that the company is benefiting from increased interest rates due to the overnight policy rate hikes, as it discourages home ownership and indirectly uplifts the rental market.“Loan costs are getting more expensive. In terms of buying a property, the cost will be slightly more than in the previous years, which will discourage a lot of people from ... home ownership. With that, there’s an opportunity for us. Living is still a basic necessity for everyone, whether you are a home owner or renter.“Our industry will continue to move (forward). (From what) we see on the market, if the interest rate goes up, it will also drive up the rental rate as well. For the past few months, the per square of the room and unit rental has increased more than 10% to 15%, which is alarming but that’s how the market goes.“We are in the position to help the tenants ... landlords and the industry. We need to position ourselves better in order to capture a bigger market share,” Wong said.Blue Duck plans to expand to Thailand and Indonesia and is open to talking to investors.We help residential and commercial tenants to save cash up front while landlords and agents are able to rent out faster to a verified tenant.+6016 6117154
hello@blueduck.my

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PETALING JAYA: Blue Duck Tech Sdn Bhd aims to replace up to RM500 million in rental deposits per year in the local property industry, which it hopes to achieve within the next five years via its Zero Deposit Programme.

Founder and CEO Earnest Wong said the programme, launched in 2021, intends to assist tenants in securing residential rental or commercial property without the need to pay a hefty upfront deposit. Instead, the tenant will pay a small fee to cover the cash deposit.