GXBANK is the first to receive Malaysia Central Bank’s approval to start operations

by Ferry Bayu | Sep 5, 2023 | Business

GRAB-LED DIGIBANK GXBANK BECOMES FIRST TO GET MALAYSIA CENTRAL BANK’S APPROVAL TO COMMENCE OPERATIONS

The Grab-led digital bank, GX Bank Bhd (GXBank), is the ﬁrst of the ﬁve digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.

GXBank has completed an operational readiness review and has been approved to commence operations eﬀective Sept 1, 2023, the bank said in a statement on Tuesday.

GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms, it added.

The lack of access to ﬁnancial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of ﬁnancial access, coupled with the unprecedented events over the last few years, have eroded ﬁnancial buﬀers for individuals, households and businesses, the bank noted. Since the pandemic, 55 percent of Malaysians’ household income has decreased dramatically, with almost 50 percent now claiming to have diﬃculty raising at least MYR1,000 ($214.49) as emergency funds.

GXBank, with more than 95 percent Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.

“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Bhd.

Supporting GXBank is the newly appointed Board of Directors, spearheaded by Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.

Zaiton shared that the board is excited to be part of GXBank’s journey to drive real change and the reinvention of Malaysia’s financial sector. “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience. We hope this will enable moreMalaysians to be financially independent, creating a better future for themselves, their families and the country,” said Zaiton.

With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including Kuok Group, founded by Malaysia’s richest tycoon Robert Kuok.

In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.

Banking made better
At GXS, we are a digital bank on a mission to make banking better for Singapore’s everyday consumers and small businesses.

(+65) 3105 2055
he**@gx*.sg

This Press Release has also been published on VRITIMES

Grab launches the GrabScholar Programme and GrabMerchant Centre in Singapore to promote inclusive growth

by Ferry Bayu | Aug 21, 2023 | Business

Grab to drive inclusive growth with new regional GrabScholar Programme and GrabMerchant Centre in Singapore

Grab opens new Headquarters @ Singapore at event graced by Singapore Deputy Prime Minister Lawrence Wong

Tan Hooi Ling, Co-Founder of Grab; Deputy Prime Minister and Minister for Finance Mr Lawrence Wong and Anthony Tan, Co-Founder and Group CEO of Grab, officially launched Grab HQ @ Singapore on 11 August.

SINGAPORE, August 11, 2022 – Grab, Southeast Asia’s leading superapp, announced two new initiatives to drive inclusive growth in Southeast Asia today at the official opening of its Headquarters @ Singapore. The new initiatives include a US$1 million GrabScholar programme to disburse scholarships and bursaries to students across Southeast Asia, and a new GrabMerchant Centre to help small businesses grow online. Grab Headquarters @ Singapore was launched in the presence of Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong.

“As we celebrate Grab’s 10th anniversary this year, we hope that our announcements today will help small businesses and our future workforce upskill and maximise their opportunities, even in this challenging macro environment. Providing access to digital tools can be a powerful way to ensure all Southeast Asians can equally participate in – and benefit from – the rising digital economy, the same way 10 years ago when our driver-partners learned how to use their smartphones to earn incomes,” said Anthony Tan, Group CEO and Co-founder, Grab.

“Grab’s new headquarters in Singapore is a testament to Singapore’s growing vibrant digital ecosystem. As Grab grows to 3,000 employees working across corporate, business and tech functions, more exciting and innovative capabilities will be created for our digital economy. We look forward to Singapore’s continued partnership with Grab to create exciting job opportunities for Singaporeans, and to strengthen Singapore as the location for high-end R&D and innovation,” said Chan Ih-Ming, Senior Vice President, Digital Industry Singapore (DISG).

GrabScholar programme to provide US$1 million worth of scholarships and bursaries annually

Grab has committed an annual US$1 million from the GrabForGood Fund towards the GrabScholar programme, which will provide university scholarships and educational bursaries across all countries Grab operates in Southeast Asia.

GrabScholar programme plans to award over 2,000 scholarships and bursaries annually. It will cover tuition and study-related expenses for underprivileged children to attend primary, secondary or vocational schools as well as universities. Internship opportunities will also be offered to tertiary students to develop their professional aptitude and prepare them for full-time roles when they graduate.

GrabScholar was launched in Indonesia last month in partnership with Yayasan Benih Baik Indonesia[1]. This is in addition to existing scholarship and bursary initiatives that are offered to the children of Grab’s driver-, delivery- and merchant-partners in Singapore and Thailand. This has helped to open access to quality education and transform lives locally. The new region wide GrabScholar programme is an expanded effort to support the broader communities across Southeast Asia.

“We are pleased to partner with Grab to offer the scholarships and bursaries for underprivileged children in Indonesia. Clearly, creating a social impact is at the core of Grab’s mission — the tech company has invested in many different projects to support the local communities. With their strong support, we hope to contribute to the development of inclusive communities, improving the quality of life of their families in the long term,” said Andi F. Noya, Co-founder of BenihBaik.

GrabMerchant Centre to help small businesses thrive online

Grab has been helping small businesses come online in the past two years. As Southeast Asia leaves behind the worst of Covid-19 lockdowns and drives towards recovery, these SMEs have also stabilised their delivery business’ operations and are now ready to scale.

To facilitate this, Grab will soon launch its first-ever GrabMerchant Centre to provide 1-on-1 business consultation services for our SME merchant-partners. It will be located at Grab HQ @ Singapore. GrabMerchant Centre is a one-stop hub dedicated to helping small businesses optimise their online presence, maximise GrabFood, GrabMart, GrabFin and GrabAds services for their businesses, and learn to use digital tools to grow.

GrabMerchant Centre provides a suite of services:

1-on-1 business consultation with Grab Account Managers. Merchant-partners can tap on Grab’s Southeast Asia network, access to data insights and multi-vertical ecosystem. Account managers will provide dedicated consultations to advise on long-term growth plans and provide actionable business insights to help merchant-partners grow to the next level.Prioritised operational assistance. Merchants are able to subscribe to “Merchant Concierge Service”, a prioritised hotline to get direct assistance to solve any operational issues. This ensures their delivery business runs smoothly and reduces downtime.Workshops and networking. The GrabMerchant Centre will regularly organise upskilling workshops to help merchant-partners stay abreast of the latest industry trends and developments. These will also serve as networking sessions to facilitate business connections and a small business community for collective learning. It launched its first-ever GrabMerchant Open House on 5th August 2022 which was well-received by merchant-partners.

The 1-on-1 business consultations were piloted earlier this year, with success stories of how the data insights provided helped small businesses grow their online delivery business volume.

Shannon Lua, Founder of Butter Studio, a bakery chain with four outlets in Singapore, shared: “When COVID-19 hit, I thought I would no longer be able to pursue the big plans I had for Butter Studio. Thankfully there were platforms like Grab to help us maintain our accessibility to customers. We even reached a new customer segment through GrabFood – those who required super last-minute cake deliveries.

Our online sales saw a spike and it motivated us to keep doing better. I decided to sign up for a few sessions with GrabMerchant Centre, which inspired me to make systematic improvements to our delivery offering, like enhancing our menu with better visuals and descriptions, and changing up our operational flow so that our staff could effectively manage walk-in and online orders. Since the first session, we have seen a 30% increase in GrabFood sales on average. I am glad to have kept all four Butter Studio outlets open and we’re back to exploring expansion plans for the business.”

Filzah Miranti Binte Mohd Dawood, Co-Owner, Gerak Nenek Obek, a Malay food stall, shared, “Trying to keep our small stall open during COVID-19 was not easy – we lost many of our regular walk-in customers. I knew it was important to start going online even though my mum was a bit apprehensive initially. I decided to just give it a try and registered our stall on GrabFood. Later, I also signed up for the GrabMerchant Centre service. Through it, I learnt how to use the Ad Manager tool on our merchant app to customise our own banners, and I was advised to sign up for the Islandwide Delivery service to expand my stall’s reach. We saw our GrabFood orders more than triple in three months and half of them come from Islandwide Delivery service. My mother is now a big fan of Grab, she will chide me whenever I forget to turn on the GrabFood Merchant app.”

More details about GrabMerchant Centre’s services and related charges can be found here.

Grab HQ @ Singapore is located at one-north business park. Spanning nine floors and more than 42,000 sqm, it brings about 3,000 Grabbers and a R&D Centre under one roof. Apart from the first GrabMerchant Centre, it will also be home to the digibank team. The headquarters is one of two headquarters Grab has in the region. The dual headquarter is based in Jakarta, Indonesia, and serves as Grab’s regional innovation hub for small businesses.

[1] Yayasan Benih Baik Indonesia is a foundation that is focused on helping people in need and vulnerable groups in improving quality of life in Indonesia.

This Press Release has also been published on VRITIMES

Sarah Geronimo is the new brand ambassador of Grab

by Penny Angeles-Tan | Feb 15, 2021 | Business, Discounts, Sales, and Giveaways

MANILA, PHILIPPINES – FEBRUARY 15, 2021 — Grab, the Philippines’ leading super app is excited to announce that it will be working with one of the Philippines’ most popular and influential celebrities, Sarah Geronimo – as its brand ambassador. Known for her strong sense of practicality, Sarah and Grab Philippines will work on a series of campaigns and initiatives to delight and bring everyday value to Filipinos nationwide.

“As someone who came from a humble background, alam ko kung gaano kahalaga to make the most out of every peso. Mas lalo pa ngayon na I started my journey into married life. Kaya I am very much excited to be working with Grab! May mga campaigns and initiatives kaming inihanda para sa lahat, and I am sure that kung sino ka man, ano man ang iyong budget – may mga makikita kang sulit na deals and exciting promos sa Grab na para sayo,” says Sarah Geronimo.

“We are excited to be working with Sarah Geronimo and we believe that we both share our dedication to delight and provide value to our kababayans. Grab has constantly innovated to be the Philippines’ super app – providing everyday value and delight to our customers and communities. Similarly, Sarah has successfully built her career from being a singer to becoming the country’s most admired total performer – bringing joy and excitement to millions of Filipinos. We are confident that by working together, we will continue to delight and provide everyday value to many Filipinos,” said Grace Vera Cruz, Country Head of Grab Philippines.

Kilo-Kilometrong Pa-Promo

To kickstart the partnership, Grab and Sarah have designed a Kilo-Kilometrong Pa-promo campaign that will unload great discounts and perks across the different services and verticals. From February 15 to March 7, Grab users can unlock irresistible deals* across all services on the Grab platform when they use the promo code:

GRABWITHSARAHG

GREAT MEALS, UNLIMITED FREE DELIVERY. GrabFood customers can have their favorite meals delivered for free within Metro Manila, with every minimum order of P400. For those outside the metro, they can have their meals delivered free of charge for a minimum purchase of P250.
RIDE FOR LESS. Enjoy up to P40 off your fares from GrabCar rides in the next three (3) weeks with the promo code. Passengers can use the code for a maximum of two rides during the promotion period.

The latest promo code is also applicable across the following deals:

EVERYDAY ESSENTIALS LESS THE FEES! Get your everyday essentials from Grab within 60 minutes less the booking fees, every time you spend a minimum of PHP 500 and use the promo code. The promo is available to all Grab users in Metro Manila and Cebu.
Sending gifts or documents to your loved ones? Enjoy PHP 1.00 booking fee with Grab. Applicable to all first-time users nationwide.
CASHBACK WITH GRAB. Don’t miss out on a one-time PHP 50 cashback when you pay cashless for your Grab services during the promotion period.

To catch your first glimpse of Sarah G on Grab, follow Grab Philippines on Facebook and check out the Grab app.

*Terms and Conditions Apply

Win P100,000 and free vouchers from AXA Philippines!

by Penny Angeles-Tan | Jul 26, 2020 | Awards and Competitions

AXA Philippines, one of the country’s leading insurance providers, is giving its life and general insurance customers a chance to win Grab Food and Lazada vouchers and P100,000 via GCash.

To qualify for the promo, all you have to do is download the Emma by AXA app and register. Then, simply update your contact information through the app.

By downloading the Emma by AXA app on the App or Google Play Store, customers and non-customers alike also gain the added benefit of access to 24/7 emergency services such as ambulance, fire, police, and roadside assistance through the Rescue Line feature. The app also allows customers to monitor their policy online and conveniently access their funds, investments, transaction history, and AXA’s e-servicing features.

Ongoing until 15 August 2020, the offer includes free Grab Food vouchers worth Php200 every week to be raffled off to 300 life insurance customers and general insurance policyholders who update their information.

AXA also has more exciting prizes in store. Every week from 16 August 2020 to 15 September 2020, AXA will be raffling off Lazada vouchers worth Php1,000 to 50 customers weekly.

What’s more, AXA will also reward one life insurance customer and one general insurance customer the grand prize of P100,000 each via Gcash through an e-raffle. This promo is open to all policyholders who successfully complete the requirements from July to December 15, 2020.

Get a chance to win these amazing prizes by simply updating your contact information via the Emma by AXA app. For more information, visit https://bit.ly/3jbvq4m.

Ridesharing promo codes for March 2018

by Penny Angeles-Tan | Feb 27, 2018 | Discounts, Sales, and Giveaways

Here are the current promo codes for March. To date only Grab has been issuing promo codes. I will keep you posted if I get word of any new ones coming out from other ride sharing apps.