Singapore digital bank GXS Bank has received an additional S$229.5 million (US$169.4 million) in funding from its parent company, the Southeast Asian super app. grab Telecommunications Conglomerate SingtelAccording to the regulator’s report: Deal Street Asia.
Grab led the investment round, injecting about $141.5 million through its subsidiary A5-DB Holdings Ltd. This latest investment follows several previous capital injections by Grab, including a $109 million injection in January and a further investment last year.
Capital injection GXS Bank Experienced Losses increased by 59% For the financial year ending December 31, 2023, no losses were recorded despite a six-fold increase in net interest income.
The bank’s full-year losses rose to S$208.2 million in 2023 from S$131.1 million in 2022.
Meanwhile, Grab reported a 24% increase in revenue to US$653 million in the first quarter of 2024, driven by higher on-demand gross merchandise volume and a smaller operating loss.
Launched in August 2022, GXS Bank is enhancing its savings accounts, Deposits up to S$75,000 The APR on the Savings Pocket is 2.68% and the APR on the Main Account is 2.38%.
The account supports flexible savings with no minimum balance or lock-in period. Additionally, the bank last year launched GXS FlexiLoan, which combines the features of a line of credit and a personal installment loan.
This allows customers to repay part or all of their loans early without penalty, benefit from interest savings, allow multiple withdrawals without repeated underwriting, and provide greater flexibility in managing their finances.
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