Latest news with #GXBank
The Star
30-06-2025
- Business
- The Star
Digital banks grow deposits
PETALING JAYA: Three out of the five licensed digital banks which have begun operations are showing encouraging numbers, but they are unlikely to pose near to medium-term threats to conventional banks, says UOB Kay Hian (UOBKH) Research. The three digital banks which are operational are GXBank, Boost Bank and AEON Bank, while Ryt Bank and KAF Digital Bank remain in the pilot phase and are currently undergoing controlled testing with selected users to fine-tune their platforms ahead of a broader public rollout. There has been a rapid build-up in deposit taking with GX Bank leading in both assets and customer deposits. According to UOBKH Research, as of September 2024, GXBank reported RM2.4bil in total assets and RM2.2bil in deposits. AEON Bank recorded RM711mil in assets and RM339mil in deposits as at November last year, while Boost Bank, which had commenced operations in late first half of 2024, posted RM819mil in assets and RM573mil in deposits as of March 2025. GXBank's rapid deposit traction was driven by aggressive promotional campaigns and market leading saving account deposit rates of up to 3%. However, these initiatives have since been scaled back as the bank transitions into its second year. AEON Bank and Boost Bank similarly launched high-yield savings accounts, although Boost Bank has adopted a more disciplined strategy, maintaining a lower cost of funds at 1.7%, compared with 3% for its peers. 'Despite these encouraging numbers, the combined asset base of all three operational digital banks remains small, collectively accounting for less than 1% of the total banking sector's RM3.7 trillion in assets as of end-April 2025. 'Even at the regulatory cap of RM3bil per digital bank over their first three to five years, the cumulative RM15bil ceiling represents just 0.4% of the industry's current total assets,' said UOBKH Research in report. It noted that the three digital banks remain loss-making and they had guided it could take more than three years on average to break even. At the same time, established banks continue to advance their own digital agendas and retain broader product capabilities and distribution networks. 'Amid external uncertainties, we favour banks with attractive valuations, high provision buffers and capital management potential for added defensiveness. Our top picks are Hong Leong Bank Bhd , Public Bank Bhd and AMMB Holdings Bhd .' It said AMMB stands out for its capital management, supported by strong CET1 ratios, while Hong Leong Bank and Public Bank offer defensiveness in the current volatile environment, trading below mean price-to-book and backed by their solid provision buffers.
The Star
08-06-2025
- Business
- The Star
GIGih scholarship
> Applications for the GXBank 'Impian GIGih Biasiswa' are open. > Recipients of the scholarship will receive comprehensive financial backing for their studies, covering tuition fees, living allowances, accommodation costs, and other educational expenses throughout their undergraduate studies. > Self-development opportunities including opportunities for an overseas immersion programme, courses focused on building essential future-ready skills and a practical internship experience will also be offered to successful scholars. > Eligibility criteria: > Open to Malaysian citizens aged 22 and below in the year of application; > Applying for full-time undergraduate study at any Malaysian public university; > Total monthly gross household income of RM8,000 and below; > Not a recipient of any other scholarship, sponsorship or bond agreement from other sponsors throughout the course of the tuition; and > Minimum CGPA of 3.30 in STPM, diploma, A-Levels, matriculation, foundation or equivalent. > Interested applicants must submit an essay (350-500 words) detailing their aspirations for their community. Details:
The Star
15-05-2025
- Business
- The Star
Lai is GXS Bank's new group CEO
PETALING JAYA: Lai Pei-Si has been appointed to the role of group chief executive officer (CEO) of GXS Bank Pte Ltd effective June 1, 2025 following the upcoming retirement of group CEO Muthukrishnan Ramaswami. Lai, the current CEO of GX Bank Bhd, the Malaysian digital bank subsidiary of GXS Bank, spearheaded the launch of GX Bank in November 2023, which went on to acquire one million customers within a year. Kaushik Chowdhury, the current deputy CEO and chief commercial officer of GXBank's retail business, would be supported by Hildah Hamzah, who takes over the role of deputy CEO and chief operating officer. Datuk Zaiton Mohd Hassan, GX Bank's chairperson, commended Lai's visionary leadership that firmly established GXBank as a leading digital bank in Malaysia.
The Star
14-05-2025
- Business
- The Star
Pei-Si Lai takes helm at GXS Bank; Kaushik Chowdhury steps up as GXBank CEO
KUALA LUMPUR: GXBank, the digital bank subsidiary of GXS Bank in Malaysia, has announced the appointment of Pei-Si Lai as the group CEO of GXS Bank. The appointment will take effect on June 1, 2025. Lai, who is currently the CEO of GXBank, will succeed Muthukrishnan Ramaswami, the current group CEO, upon his retirement. In a statement, GXBank said Kaushik Chowdhury, the current deputy CEO and chief commercial officer (Retail), will succeed Lai as the CEO of GXBank in Malaysia. He will be supported by Hildah Hamzah, who will take on the role of deputy CEO and chief operating officer, along with the existing management team. GXBank is a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel). GXBank is also owned by a consortium of other Malaysian investors, including Kuok Group.
Straits Times
14-05-2025
- Business
- Straits Times
GXS Bank CEO to retire, GX Bank CEO to take over
Both Ms Lai Pei-Si (left) and Mr Muthukrishnan Ramaswami had overseen the Validus acquisition. PHOTO: GXS BANK GXS Bank CEO to retire, GX Bank CEO to take over SINGAPORE - GXS Bank has announced that chief executive Muthukrishnan Ramaswami will be retiring on May 31. His successor will be Ms Lai Pei-Si, CEO of GX Bank, the Malaysian arm of GXS, it said on May 14. Ms Lai will take over as GXS CEO on June 1, with GX Bank deputy CEO Kaushik Chowdhury taking over her role. Mr Ramaswami will remain as a senior adviser to GXS. Ms Lai has been the CEO of GX Bank since 2022, when it received a digital banking licence in Malaysia. The bank has grown to more than a million customers a year since its launch in November 2023, and processed over 124 million transactions. Both Ms Lai and Mr Ramaswami oversaw the recently announced Validus acquisition. 'As a veteran banker with the unique experience of having launched Malaysia's first digital bank, Pei-Si understands the tremendous impact that digital banks can bring to our communities,' said GXS chairman Hsieh Fu Hua. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
