KUALA LUMPUR: The Grab-led digital bank, GX Bank Bhd (GXBank) has completed an operational readiness review and has been approved to commence operations effective Sept 1, 2023, by the Minster of Finance and Bank Negara Malaysia (BNM).
THE Grab Holdings Ltd-led digital bank in Malaysia is expected to form a five-member board led by Datuk Zaiton Mohd Hassan the former chairman of Bank Pembangunan Malaysia Bhd (BPMB) as chairman, according to several sources. “They’ve nominated the names and are awaiting final approvals from the central bank. It’s going through the process,” one of the sources tells The Edge.
Grab Holdings Ltd said the digital bank consortium comprising GXS Bank Pte Ltd its digital bank joint venture with Singapore Telecommunications Ltd (Singtel) and Malaysian investors including Kuok Brothers Sdn Bhd will enable local micro-SMEs and other financially underserved segments such as gig economy workers.
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