Grab- and Singtel-Backed GXS Launches Digital Bank in Singapore

GXS Bank, which is backed by Southeast Asian super app provider Grab and Asian communications technology group Singtel, has launched a digital bank for consumers and businesses in Singapore.

The bank’s first product is a savings account, which will be followed by other offerings for entrepreneurs, gig economy workers and those who are just starting their careers, according to a Wednesday (Aug. 31) press release.

“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 in the release. “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.”

PYMNTS research has ranked Singapore as the most connected economy among the 11 countries included in “Benchmarking the World’s Digital Transformation,” a PYMNTS and Stripe collaboration.

On PYMNTS’ ConnectedEconomy Index, which measures respondents’ use of digital solutions across 10 pillars that form daily routine and 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 with 30.

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

Read more: Digital Transformation Is Now at Only 27% of its Full Potential

Because GXS Bank is a digital native, it will analyze the data it collects — including data from the 3 million Singaporeans who use the Grab and Singtel platforms — to generate insights and develop offerings that meet the changing needs of its customers, the release stated.

“The frequent interactions between consumers and the platforms within our ecosystem provide us with deeper and sharper insights on what our customers need and how we can serve them seamlessly across all touchpoints within our ecosystem,” Wong said in the release.