5 min read

Lai Pei Si, CEO of Malaysia’s GXBank, shared her strategy and insights on reshaping the country’s financial landscape through digital innovation, with a focus on supporting unserved and underserved communities, and small businesses in the country.

A strategic alliance between tech giant Grab and telecommunications leader Singtel, GXBank was conceived with the intention of democratising banking for the masses. Lai’s mission is to bridge the divide between traditional banking services and overlooked segments of society using digital solutions.  

She stated: “Our foundation is built upon the dual pillars of technological advancement and comprehensive accessibility.”

The bank’s offerings have been well received by the market. Its high-interest GX account garnered the first 100,000 depositors within the first two weeks of its launch, while the rebate-rich GX Mastercard saw 100,000 cards issued in 11 days, reflecting the bank’s success in enhancing financial literacy and engagement. 

Lai emphasised the importance of these products in promoting a savings culture and providing tangible benefits that align with the daily financial activities of Malaysians. She said: “It’s about making sure that for an average customer, banking is easy, rewarding, and fun.”

She attributed the bank’s success in innovation to its diverse workforce composed of technologists and experienced bankers. She mused: “We are made up of—and it has to be—a motley crew of technologists as well as bankers. And with a very clear purpose on how we want to build the bank forward. That’s really going to be the most important ingredient of success.”

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