Charles Wong, who has served as CEO of GXS Bank for four years, announced his decision to step down from the role, transitioning to an advisory position.
During his tenure, Charles Wong led the launch of GXS Bank, a digital bank supported by Grab Holdings and Singtel, in August 2022.
Charles also led the development of key products like the GXS Savings Account and GXS FlexiLoan.
He highlighted the integration of the digital bank with everyday apps such as Grab and Singtel as a significant achievement.
Charles said in a LinkedIn post,
“Being a challenger bank is not easy but we keep working at it because of our customers. I am grateful to the GXS Board and leadership team for believing in us and what we could do.
And I am grateful to all my fellow GXSers – your heart for our customers and passion to make banking better every day are the reasons why I know GXS will succeed.”
Muthukrishnan Ramaswami, Group CEO of GXS Bank, expressed gratitude for Wong’s leadership and contributions, noting the strong foundation he helped establish.
“Building a challenger bank is not easy but Charles has led the way in building GXS from the ground up and today we have a DNA that is uniquely GXS – focused on customer-centricity.
Because of this DNA, GXS will continue to thrive and stay ever-focused on our mission to make banking better for Singapore.”
Despite securing an additional S$229.5 million in funding from its backers, Grab and Singtel, GXS Bank has faced challenges with increasing losses.
The bank’s total income tripled to S$16.13 million in 2023, up from S$5.1 million the previous year. However, losses increased to S$208.2 million from S$131.1 million.
This was largely due to a 57% rise in operating expenses, which reached S$214.2 million, driven mainly by increased staff costs, which rose to S$119.3 million from S$76.4 million.
