GXS Group is set to launch its business banking services in early 2025, starting with Singapore, as part of its efforts to expand offerings and serve underserved segments across Southeast Asia.
The services will initially target sole proprietorships and micro-businesses.
This will include business operating accounts and unsecured credit lines with flexible features like daily interest crediting, no early repayment fees, and savings for early loan repayments.
GXS Bank has been piloting these services with sole proprietorships in its ecosystem, where one in two businesses are linked to Grab and Singtel, and plans to gradually extend them to a broader market.
This move comes as GXS Group reported a doubling of its growth rate in the first nine months of 2024 compared to the previous year.
This growth has been fueled by its “many brands, one bank” strategy, supported by the GXS digital bank operating system (GXS OS), which has enabled rapid expansion across multiple markets.
Its digital banks in Singapore, Malaysia, and Indonesia have reportedly onboarded more than three million customers by providing offerings to save, borrow, and transact.
In Singapore, GXS Bank’s retail banking products have seen significant success, with loans doubling to 200,000 in the past six months.
Business banking services will also be introduced at Malaysia’s GXBank and Indonesia’s Superbank in the coming months.
Muthukrishnan Ramaswami, Group CEO of GXS Bank, said,
“All three digital banks in Singapore, Malaysia and Indonesia have launched a suite of retail banking solutions that cover all fundamental banking needs – save, borrow and spend. Our business banking solutions are also well under way and will be rolled out in the three markets in the near future.
We are well-positioned to grow our business and serve even more customers in the coming year. 2025 will be the year of significant scaling up for the digital banks in the GXS Group.”
