Grab has reportedly injected an additional SG$145.1 million capital into its subsidiary GXS Bank which it formed as a digital bank joint venture together with Singtel.
The added capital follows Grab’s previous capital injections of SG$75.8 million in April 2023 and SG$137 million in July 2023, as reported by The Business Times.
Grab and Singtel have also planned to pour more capital into GXS Bank in the third quarter of 2024 amounting to SG$229.5 million.
This comes after the Monetary Authority of Singapore stated that companies that wish to become fully functioning digital banks must meet a minimum paid-up capital of SG$1.5 billion.
The minimum paid-up capital of SG$1.5 billion can be in the form of a commitment to funds or concrete fundraising plans, according to documents seen by MARKETING-INTERACTIVE.
GXS Bank also received approval to commence operations in Malaysia under GXBank in September last year. GXBank was the first of the ﬁve digital bank license applicants to receive the approval to commence operations.
With its operations, GXBank aims to leverage technology and innovation to serve the needs of unserved and underserved individuals as well as micro and small medium enterprises (MSME), according to a statement by the brand.
MARKETING-INTERACTIVE has reached out for more information.
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