PETALING JAYA: GXBank, Malaysia’s first digital bank, will establish a regional centre of excellence (CoE) for shared services as part of its RM1.5 billion investment into Malaysia over the next five years.
Slated to be operational by end-2024, the CoE aims to serve Grab-led digital banks, as well as financial and operational services in the region.
It will progressively offer almost 400 positions focussing on core banking activities such as banking operations, technology and risk management among others.
The new centre will add to initiatives to position Malaysia as a central hub for digital finance and banking in the region.
“The CoE will leverage the country’s dynamic infrastructure and progressive policies, aligning with KL20’s purpose to elevate Malaysia as an innovation hub, leading technology and digital advancements,” GXBank said in a statement today.
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 the Kuok Group.
CEO Lai Pei-Si said the CoE is part of its long-term goal to cultivate high-value skills that will enhance the region’s digital banking industry.
“We are eager to answer the government’s call to action. With their support, we are well positioned to serve Grab-led digital banks in the region.
“Our collective mission is to serve the millions of financially underserved individuals, facilitating their intergenerational social mobility and boosting the region’s overall economy,” she added.
GXBank and Grab, Southeast Asia’s leading superapp, are also joining forces to elevate the country’s tech talent, the statement said.
The collaboration will see “top talents” from Grab and GXBank working with Endeavor Malaysia to help mentor selected local, high-potential entrepreneurs to accelerate their growth.
Grab Malaysia managing director Adelene Foo said working with Endeavor provides Grab the opportunity to give back, sharing its knowledge and experiences to assist Malaysia’s burgeoning startups in realising their full potential.
“With physical presence regionally, as well as global research and development (R&D) centres, we bring a wealth of experience in identifying and addressing hyperlocal needs while navigating various regulatory, socio-economic and technological terrains,” she said.
Foo added that leaders from Grab, including some of the founding members, and GXBank were selected to mentor based on their expertise and strengths in leading dynamic teams to achieve business impact.
Endeavor, a global community of “high-impact” entrepreneurs, seeks to build thriving entrepreneurial ecosystems in emerging and underserved markets around the world. - FMT
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