Digital Bank GXS Executive Director to Step Down

Two months after its launch in Singapore, digital bank GXS needs a new executive director.

According to a Tuesday (Nov. 8) report by Bloomberg News, Reuben Lai — who also serves as the bank’s head of regional strategy — will step down at the end of the year.

The report says Lai will also step down from his role as a director of GXS Bank but will stay on the board of the bank’s business in Malaysia. GXS was not immediately available for comment Tuesday.

Read more: Grab- and Singtel-Backed GXS Launches Digital Bank in Singapore

Backed by Southeast Asian super app provider Grab and Asian communications technology group Singtel, GXS debuted its consumer and business banking offering in Singapore in August.

The companies had previously won a license from Bank Negara Malaysia to operate a digital banking venture in that country.

“To start, we are challenging the notion of what a basic savings account could do to support their goals and dreams,” Singapore CEO of GXS Charles Wong said when the company debuted there in August.

“Over the coming months, we will also tackle other obstacles that hinder consumers and small businesses from reaching their goals sooner, such as growing their wealth or accessing credit.”

Research by PYMNTS has ranked Singapore as the most connected economy among the 11 countries included in “Benchmarking the World’s Digital Transformation,” a report done in collaboration with Stripe.

On PYMNTS’ ConnectedEconomy Index, which measures respondents’ use of digital solutions across 10 pillars that form daily routine as well as 40 activities within those pillars, Singapore scores 35, followed in the ranking by Spain with a score of 32, the United Kingdom with 31 and the United States, which had a score of30.

“Economies such as Singapore are embracing digital-first lifestyles where use of digital alternatives indexes higher,” PYMNTS noted in the report.