SINGAPORE (Reuters) – GXS Financial institution, the digital financial institution three way partnership between ride-hailing agency Seize Holdings and Singapore Telecommunications, launched Singapore’s first digital financial institution on Wednesday and bundled it with a financial savings account.
The rollout of the GXS financial savings account comes after GXS obtained a full digital banking license from the Financial Authority of Singapore in 2020, whereas increasing to different Southeast Asian nations.
A GXS-led consortium secured a digital banking license in Malaysia in April, three months after its father or mother purchased a 16.3% stake every in PT Financial institution Fama Worldwide to pursue banking alternatives in Indonesia.
In Singapore, GXS goals to cater to underserved populations.
“GXS is a homegrown financial institution on a mission to assist the wants of entrepreneurs, gig financial system employees and startups in our neighborhood,” mentioned Charles Wong, Chief Govt Officer of GXS Singapore. “To start out, we’re difficult the notion of what a primary financial savings account can do to assist their objectives and goals.”
The GXS Financial savings Account shall be obtainable on Apple’s App Retailer and Google Play Retailer from September 5, and shall be rolled out steadily – beginning with chosen staff and under-banked prospects below GXS, Seize and Singtel.
Wong mentioned throughout the product launch that the account will provide day by day curiosity deposits of as much as 1.58% every year and there’s no minimal deposit requirement.
(Reporting by Yantoltra Ngui; Modifying by Uttaresh.V)