Reuben Lai Is the Latest in a Series of High Profile Exits for Grab’s Fintech Business
by Rebecca Oi November 8, 2022GXS Bank (GXS)’s executive director and Head of Regional Office, Reuben Lai, has decided to leave the Bank at the end of 2022.
Along with his resignation as an executive director, Reuben will be stepping down from his appointment as a director in GXS’ Board in Singapore. He remains a director on the Board of the digital bank in Malaysia.
Reuben Lai
“Grab has taught me to think big and use technology to solve real-life problems for humanity,”
said Lai who has moved from his Grab Financial Group (GFG) role in May 2022 and has since been a full-time employee of GXS.
He added that there are indeed many problems, including the biggest risk (and opportunity) facing humanity now – climate change.”
Lai is one of the most senior leaders and a board member of GXS, the Singapore-based tech giant’s digibank. It was launched in Singapore this year after getting a full digital bank licence in 2020.
Grab has been hit by a series of high-profile departures recently, raising questions about the company’s ability to retain talent and grow its businesses.
Ankur Mehrotra, who quit as managing director of Grab Financial after a six-year stint to serve as president of Julo, an Indonesian fintech startup, is one of the latest high-profile executives to leave the company.
Chris Yeo and Jeffrey Goh, who were among the earliest executives at Grab’s fintech business, have also exited the company.
Yeo headed Grab’s payments and rewards business and has been with the company for nearly six years, while Goh led the payments gateway business.
The latest departures come as Grab’s losses rose to $3.6 billion in 2021, while revenue rose 44 percent, with investors focusing on how the firm plans to stem losses.
