GX Bank Bhd (GXBank) received the green light ^to start operations as a digital bank on Friday, September 1, 2023. It is run by Grab. This bank plans to launch its services for the general public by the end of the year.

Bank Negara Malaysia has set April 2024 as the deadline for digital banks to start operations. GXBank CEO Pei Si Lai indicated that they hope to launch services by the end of the year. She said that in reference to their announcement, they will start “with internal beta testing and will gradually roll it out to the general public in stages.” GXBank is a subsidiary of GXS Bank Pte Ltd, the digital banking joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd, as well as a consortium of investors, including Kuok Group. He is the first of five digital banking license holders to be ready to operate after getting the green light from the Ministry of Finance and Bank Negara. The features of GXBank's deposit products could be similar to those of GXS