Vishal Shah, Group Head of Business Banking, GXS Bank, announces the bank’s upcoming business banking solution launch
Singapore-based digital bank GXS Bank has announced plans to roll out its business banking services in the first quarter of 2025. The launch will begin in Singapore, Malaysia, and Indonesia, with progressive expansion planned throughout the year.
In Singapore, GXS Bank will prioritise sole proprietorships and micro-businesses, addressing unmet financial needs such as access to expansion loans. These businesses often struggle with limited options from traditional banks.
“2025 will be the year of significant scaling up for the digital banks in the GXS Group,” said Muthukrishnan Ramaswami, Group CEO of GXS Bank, in a statement.
To prepare for the launch, the bank has been running a pilot programme in Singapore with selected sole proprietorships within its ecosystem, co-creating and refining its offerings. Half of the country’s sole proprietorships are either served by or partnered with Grab and Singtel, both stakeholders in the bank.
The pilot will soon expand to include businesses outside this network.
Key products under the new business banking suite include the GXS Biz Account and GXS FlexiLoan Biz. These solutions mirror the innovative features of GXS Bank’s retail offerings, such as daily interest crediting for deposits, no early repayment fees, and interest savings for early loan repayments.
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Eligible businesses will also gain access to unsecured credit lines to support their growth.
At a media luncheon on Wednesday, November 20, GXS announced that its growth rate from January to September 2024 has doubled compared to the same period last year.
The group now serves over three million customers regionally through its Singapore-based GXS Bank, Malaysia’s GXBank, and Indonesia’s Superbank.
In Singapore, four out of five customers are underserved, including gig workers, entrepreneurs, and young professionals under 30. Notably, 25 per cent of GXS FlexiLoan users had no or limited credit history at the time of application, but have since demonstrated strong financial discipline.
At the same event, GXS also stated that 20 per cent of GXS FlexiLoan users and nearly 60 per cent of the loan book’s total value were of the so-called affluent customers.
This dual strategy has contributed to steady loan growth, with GXS Bank doubling its personal loan portfolio to 200,000 in just six months, making it one of Singapore’s top six personal loan providers.
“Our business banking solutions are well underway and will be rolled out in the three markets in the near future. We are well-positioned to grow our business and serve even more customers in the coming year,” said Ramaswami.
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Image Credit: GXS
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