GXS FlexiLoan Programme Saves Customers S$4 Million in Interest Over One Year

GXS FlexiLoan Programme Saves Customers S$4 Million in Interest Over One Year

by April 3, 2024

Singapore’s GXS Bank has reported that its GXS FlexiLoan programme has facilitated S$4 million in interest savings for its customers over a 12-month period since its launch in April 2023.

The bank, part of the Grab-Singtel digital bank consortium and licensed by the Monetary Authority of Singapore (MAS), has issued over 100,000 loans in the year following the programme’s introduction.

The GXS FlexiLoan differentiates itself by calculating interest on a daily basis, based on the outstanding loan balance, which deviates from the more common practice among banks of monthly interest calculations.

This method allows borrowers to reduce their interest payments by making early repayments without facing early repayment fees, a typical feature in the personal loan market.

GXS Bank does not apply compound interest on these loans, aiming to lower the cost for borrowers further. This, along with the absence of early repayment fees, is designed to make the GXS FlexiLoan a more flexible and cost-effective financing option.

Since the launch of GXS FlexiLoan in April 2023, GXS has disbursed 100,000 loans in under a year. The bank expects to double this in the coming months.

The partnership with Grab and Singtel has been instrumental in enhancing the bank’s service offerings without raising costs for consumers. In a recent promotional activity, 60 GXS FlexiLoan customers were selected to receive 888,888 GrabRewards points.

Marking the first anniversary of the GXS FlexiLoan, GXS Bank has announced a promotional campaign running from 3 April to 30 June, with prizes including travel experiences, home furnishing upgrades, and the opportunity to win an iPhone 15 with a year’s Singtel plan.

Eligibility for these prizes, as well as potential Grab voucher rewards for new customers, depends on meeting specified loan criteria.

Jenn Ong

Jenn Ong

Jenn Ong, Head of Retail at GXS said,

“Personal loans in Singapore often come with legacy administrative fees which erode the financial boost that loans should provide consumers. We believe that a loan can be a powerful tool in your financial toolkit if used wisely. As a bank, our customers count on us to make sure that every cent counts for them.


We’re heartened to see that our efforts to design a different sort of personal loan have been successful in making a difference in our customers’ financial journey. We believe this is why our product has resonated with Singaporeans. In the past six months, the average loan amount taken by GXS FlexiLoan customers has grown by 30 percent,”