GXBank, Grab Malaysia Announce Initiatives to Support Government’s KL20 Mandate

GXBank Grab Partnership

GXBank, Malaysia’s inaugural digital bank, has partnered with Southeast Asia’s leading superapp, Grab, to advance the country’s tech talent in accordance with the government’s KL20 mandate.

Launched less than six months ago, GXBank is swiftly progressing towards establishing a Regional Centre of Excellence (COE) for Shared Services in Malaysia. Expected to be operational by the end of 2024, the COE will focus on supporting Grab-led digital banks and providing financial and operational services across the region.

The center aims to fill nearly 400 roles in areas such as banking operations, technology, and risk management. This initiative is part of GXBank’s RM1.5 billion investment into Malaysia over the next five years, aimed at revolutionizing the digital finance and banking landscape in Southeast Asia.

Pei-Si Lai, Chief Executive Officer of GXBank, stated that the COE is crucial to the bank’s long-term goal of becoming the preferred digital bank in Malaysia and enhancing the digital banking industry’s skills base region-wide.

“We are committed to nurturing Malaysia’s rich talent pool and creating an environment where they can challenge the status quo and raise industry standards,” said Lai.

The partnership extends beyond infrastructure development, with top talents from both Grab and GXBank collaborating with Endeavor Malaysia to mentor local high-potential entrepreneurs through programs like ScaleUp and TEGAS: Scale Sarawak Programme.

These initiatives aim to sharpen leadership skills, develop business and marketing strategies, and leverage innovative technology and data.

Adelene Foo, Managing Director of Grab Malaysia, emphasized the company’s dedication to giving back to the community that supported its early growth. “As a Malaysian homegrown company that has become the top superapp in the region, we recognize our roots and are grateful for the early support we received,” said Foo. “Working with Endeavor allows us to share our knowledge and experiences to help our country’s emerging start-ups realize their full potential.”

With their combined efforts, GXBank and Grab are not only enhancing financial inclusion for all Malaysians but also fostering the development of a new generation of tech-savvy entrepreneurs poised to make significant economic contributions.