GX Bank, Malaysia's first digital bank approved by the central bank and the Ministry of Finance, officially commenced operations at the end of 2023. Managed by a subsidiary of Singapore's GXS Bank and co-owned by Grab Holdings, Singapore Telecommunications (Singtel), and Malaysia’s richest man Robert Kuok’s Kuok Group, GX Bank is a legally recognized digital bank with certification from national institutions. As a member of the Malaysia Deposit Insurance Corporation (PIDM), it ensures deposit protection up to RM 250,000, even in the event of the bank’s closure.

GX Bank Services and Features

1. Savings Account

   • Opening Requirements: Free to open with no minimum deposit requirement.
   • Account Setup: The main account allows up to 10 savings pockets for more effective financial management and tracking.
   • Interest: Up to 3% interest on deposits in both main and savings pockets, calculated daily.
   • Deposit Lock-in Period: No lock-in period; customers can withdraw funds at any time.

2. Transfer Services

   • Fees: Free transfers to other accounts within the same bank and support for DuitNow Transfer, enabling free transfers to over 40 banks and e-wallet accounts.
   • Limits: Daily transfer limit of RM 50,000 (default RM 5,000), with fees waived for transfers above RM 5,000.
   • Processing Time: Transfers are processed instantly.

3. Debit Card

   • Fees: Free to open with no annual fee.
   • Card Types: Includes virtual cards (for online transactions only) and physical cards (for in-store use).
   • Cashback: 1% cashback on all debit card transactions, including international use.
   • International Use: Suitable for frequent travelers. Consider opening a Wise multi-currency account to hold over 40 currencies and use a debit card with foreign currency conversion services.

     Debit Card

GX Bank Account Opening Requirements

• Must be a Malaysian citizen, at least 18 years old.
• Applicant must not hold any existing GX Bank savings account (one account per person).
• Must have an account with another bank in Malaysia.
• Must have a Malaysian registered phone number and a valid email address.

Required Documents for Account Opening

• Malaysian identity card (MyKad).
• Malaysian registered phone number.
• Valid email address.
• Personal information, including name and ID number.
• Employment details, including status, occupation, company name, business type, and monthly income.
• Information about existing Malaysian bank accounts.

GX Bank Account Opening Process

1.Download the GX Bank app.

2.Click "Create Account" on the registration page.

3.Enter a valid Malaysian phone number and get the verification code.

4.Set a six-digit bank password and confirm it.

5.Optionally set up Face ID for authentication.

6.Follow instructions to take a photo of your ID and record a video for identity verification.

7.Enter personal and employment information, ensuring it matches the ID.

8.Read and agree to the account opening agreement and disclosures.

9.Set a nickname (within 21 English characters).

10.Deposit at least RM 10 to activate the account.

11.Once you receive a “Congratulations” message, your account is successfully opened.

GX Bank is currently not open to foreign citizens and does not support international transfers. For cross-border transfers or holding multiple currencies, consider a Wise multi-currency account. Wise offers extensive services, including holding over 40 currencies and transferring to over 70 countries, with market mid-rate conversion, facilitating foreign currency transactions abroad.

As Malaysia's first digital bank, GX Bank offers a new banking experience with comprehensive online services, convenient account management, and high-interest savings. Users need to meet basic requirements and provide necessary documents for account opening, which is straightforward and user-friendly. For those with international needs, the Wise account offers additional cross-border and multi-currency services.