GXBank Review: The First True Digital Bank

GXBank is Malaysia’s first digital bank to receive the approval from Bank Negara Malaysia and the Ministry of Finance to commence operations.

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

Account opening

This is a fully digital and paperless bank. To open an account, we need to download its GXBank app from App Store or Google Play. This account is only open to Malaysians 18 years of age and above with MyKad.

To open an account, just follow the steps in the app. We need to take photos of our identification card and a selfie. After the account creation is successful, we will receive notification from the app.

Is the account Shariah-compliant?

GX Account is a conventional savings account and not Shariah-compliant.

For Shariah-compliant account, perhaps you should check out Rize.

Attractions of GXBank

GXBank offers an interest rate of 3% p.a. Interest is calculated by multiplying the total balance of your GX Account and Saving Pockets by the interest rate per annum over 365 days and then credited to your account at the end of each day. It means we will receive interest everyday, instead of once per month!

Besides that, its debit card will allow the holder to earn unlimited 1% cashback (terms and conditions apply). However, the debit card will only be available in January 2024. So we will still have to wait for the details.

GXBank also allows free withdrawal from any MEPS enabled ATM nationwide. The RM1 withdrawal fee is currently waived until 31 December 2024. This benefit will only start to apply when the debit card is ready.

Last but not least, the deposit is protected up to RM 250,000.00 by Perbadanan Insurans Deposit Malaysia (PIDM).

Rewards

For the time being, there are four ongoing promotions. However, I will only share one that I found particularly attractive. Once the account is created, fund it with RM 100 in a single transaction and you will get RM 20. This reward is instantaneous and I have already gotten mine.

You can check its other rewards on its website (Link).

Conclusion

This concludes my GXBank review. As I just opened the account, I could not comment much on other aspects of this app yet. I opened the account mainly for its RM 20 reward. As it is still new, the app can only perform basic functions such as transfer. But I think as time goes by, more features will be added to GXBank app. I am waiting for QRPay to be incorporated into the app.

Are you interested in GXBank? Go to this page (Link) to learn more about this digital bank.