GXBank has signed a memorandum of understanding with the Malaysia Digital Economy Corporation (MDEC) to drive digital transformation of micro, small and medium enterprises (MSME) in Malaysia.

GXBank said in a statement on Wednesday that this initiative is in-line with its mission to build a financially resilient nation through technology and innovation.

“As one of Malaysia’s three operational digital banks, we have welcomed more than one million Malaysian customers onto our platform, earning their trust through our simpler, inclusive and convenient banking solutions,

“MSMEs represent the next key demographic for us – we are
committed to collaborate with the government on financing schemes that harness the efficiency of digital banks,” said the bank.

According to the statement, financial inclusion is the key to unlocking the potential of MSMEs.

Historically, they have long been sidelined by outdated banking processes such as rigid credit assessment requirements and cumbersome application procedures.

By bridging these gaps, GXBank said it empowers MSMEs with the right access, opportunities and support they need to thrive, scale and contribute meaningfully to the nation’s economy.

“This commitment is reflected in how we have tailored our financial products and services for MSMEs,” it said.

The firm is currently piloting with Grab merchants with encouraging results, and are set to introduce them to the MSME sector in the coming months.

“Through this MoU, we look forward to working with MDEC and other like-minded industry partners to ensure continuous support and initiatives for MSMEs, fostering a more inclusive financing ecosystem where they can flourish in this modern economy,” the bank added.

GXBank is Malaysia’s first digital bank that commenced operation in September 2023.

The bank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.

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