Telco Singtel and superapp Grab have launched GXS, Singapore's first digital bank for consumers and businesses.
The launch comes 18 months after the Grab-Singtel venture secured one of two full virtual banking licenses from the Monetary Authority of Singapore.
Promising a focus on the underbanked, GXS is launching with a savings account that will target gig economy workers, self-employed entrepreneurs and early-jobbers. To help these people with cash flow, the GXS Savings Account lets users earn interest daily and has no minimum balance requirement.
The GXS Savings Account is also designed to encourage customers to stay disciplined with their savings=. A "Saving Pockets" feature lets customers have pots for different saving goals and uses visualisation and smart nudges to help achieve them.
Charles Wong, Singapore CEO, GXS, says: "GXS is uniquely positioned to learn and to refine the banking experience so that it is extremely personalised and relevant to customers because we are part of a powerhouse ecosystem that includes Grab and Singtel.
"Their platforms are used daily by more than three million Singaporeans. The frequent interactions between consumers and the platforms within our ecosystem provide us with deeper and sharper insights on what our customers need and how we can serve them seamlessly across all touchpoints within our ecosystem."
Tech giant Sea, which secured the other full virtual banking license from MAS, has yet to unveil its app.