GXS Group plans to launch business banking services starting in Singapore in early 2025 as part of its efforts to expand its services and serve underserved populations across Southeast Asia.
The service will initially target sole traders and small businesses.
This includes business management accounts and unsecured credit facilities with flexible features such as daily interest deposits, no early repayment fees, and savings for early loan repayment.
GXS Bank is piloting these services with sole traders in its ecosystem, with 1 in 2 businesses linked to Grab and Singtel, and will gradually expand to broader markets I plan to.
The move comes after GXS Group reported double year-on-year growth in the first nine months of 2024.
This growth was fueled by a “many brands, one bank” strategy supported by the GXS Digital Bank Operating System (GXS OS), which enabled rapid expansion across multiple markets.
The company’s digital banks in Singapore, Malaysia and Indonesia reportedly serve more than 3 million customers by offering services for saving, borrowing and trading.
In Singapore, GXS Bank’s retail banking products have been a huge success, with loan numbers doubling to 200,000 in the past six months.
Business banking services will also be introduced to Malaysian financial institutions. GX Bank and Indonesia’s super bank In the coming months.
Muthukrishnan Ramaswamy, CEO of GXS Banking Group, said:
“All three digital banks in Singapore, Malaysia and Indonesia have launched a suite of retail banking solutions that cover all the basic banking needs of saving, borrowing and spending. Our business banking solutions are also on track to develop. It is in progress and will be rolled out in three markets in the near future.
We are well-positioned to grow our business and serve even more customers over the next year. 2025 will be a year of significant expansion for GXS Group’s digital bank. ”
