GXBank, a digital banking entity in Malaysia and a subsidiary of GXS Bank Pte. Ltd., formed through a partnership between Grab Holdings Limited, Singapore Telecommunications Limited (Singtel), and Malaysian investors, is gearing up to establish a regional Center of Excellence (COE) for shared services in Malaysia. Expected to commence operations by late 2024, this COE will cater to Grab-led digital banks and provide financial and operational support services throughout the region.
Pei-Si Lai, CEO of GXBank, stated that the COE will aim to emerge as the preferred digital banking choice for Malaysians while nurturing high-value skills that will elevate the digital banking landscape across the region. The COE is anticipated to create approximately 400 roles, primarily focusing on essential banking functions such as operations, technology, and risk management. This initiative is part of GXBank’s MYR 1.5 billion (USD 314 million) investment in Malaysia over the next five years, positioning the country as a pivotal hub for innovation in digital finance and banking. Leveraging Malaysia’s advanced infrastructure and forward-thinking policies, GXBank’s COE aligns closely with the government’s objective of propelling the nation forward as an innovation hub, leading the charge in technological advancements.
In line with Malaysia’s emphasis on nurturing proficient tech talent, seasoned professionals from Grab and GXBank will collaborate with Endeavor Malaysia, a global entrepreneurship initiative, to mentor promising local entrepreneurs and accelerate their growth. Through programs like ScaleUp and Tabung Ekonomi Gagasan Anak Sarawak (TEGAS), personnel from both companies will assist local startups in refining leadership skills, devising business strategies, and harnessing innovative technology and data. With its regional and global research and development (R&D) hubs, Grab brings extensive experience in addressing local demands while navigating diverse regulatory, socio-economic, and technological complexities. Operating as a superapp across Southeast Asia, Grab caters to over 700 cities across eight countries including Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
(Sources: Malay Mail; The Edge Malaysia)
