A Digital Banking Revolution in SEA: GXBank and Mastercard

In This Episode Southeast Asia’s fintech revolution is here, and GXBank is leading the charge. From its roots as a ride-hailing service to becoming Malaysia’s first digital bank, GXBank is transforming how Malaysians access and manage their money. This week on Breaking Banks, host Brett King sat down with GXBank’s Chief Commercial Officer, Kaushik Chowdhury, and Mastercard’s Senior Vice President & Country Manager for Malaysia and Brunei, Beena Pothen. They discuss the incredible journey of GXBank, the partnership with Mastercard, and how the bank is reshaping financial inclusion in Southeast Asia. GXBank, a subsidiary of GXS Bank Pte. Ltd. (a joint venture between Grab and Singtel), officially launched operations September 1, 2023, introducing its app two months later. In a year, the bank has amassed over 750,000 customers, offering innovative and personalized solutions to support financial resilience and inclusion. Learn how GXBank is making banking accessible to all Malaysians while setting a new standard for digital banking in the region. Discover how Mastercard’s cutting-edge technologies and deep fintech expertise are empowering GXBank to deliver smarter, more inclusive financial solutions. As fintechs look to build, launch, and grow their business, Mastercard is helping to drive smarter decisions for better outcomes through strong partnerships across the payments ecosystem. Resources:Learn more about GXBank: gxbank.myExplore how Mastercard supports fintech innovation: Mastercard Fintech Services Read the entire transcript here. Podcast Content: Chapter 1: 00:00 – Welcome and Introduction Brett King introduces the episode, focusing on digital banking trends in Southeast Asia with GXBank and Mastercard as key players. Chapter 2: 03:30 – GXBank: Building a Digital Bank from Scratch Kaushik Chowdhury discusses GXBank’s journey, from user research to creating a mobile-first digital bank in Malaysia. Chapter 3: 10:15 – The Evolution of Banking in Southeast Asia Bina Pothan highlights the rapid adoption of digital banking in Southeast Asia, driven by smartphones, internet access, and changing consumer expectations. Chapter 4: 18:00 – Financial Inclusion through Digital Innovation Exploring how GXBank and Mastercard aim to serve underserved and financially vulnerable populations across Malaysia and the region. Chapter 5: 26:30 – Leveraging Partnerships for Success Insights into GXBank’s partnership with Mastercard, enabling rapid launches and delivering impactful financial products to consumers. Chapter 6: 34:45 – Payments Innovation and Embedded Finance Examining GXBank’s focus on payment solutions, including QR systems, debit cards, and embedded banking experiences with Grab. Chapter 7: 42:00 – Overcoming Challenges in Digital Banking Kaushik discusses the challenges of building a digital bank, including hiring, partnerships, and balancing innovation with trust and security. Chapter 8: 50:15 – Future Plans and Scaling Ambitions GXBank outlines its roadmap, aiming for profitability and becoming a top bank in Malaysia by leveraging its ecosystem and customer-centric strategies. Chapter 9: 57:30 – Key Takeaways and Final Reflections Bina and Kaushik emphasize trust, utility, and collaboration as essential elements for succeeding in the digital banking revolution. Related Content: Fintech Visionaries and Revolutionaries & What’s Up With Bitcoin? Bank-Fintech Partnerships, Open Banking and AI…oh my! Huawei Does Gen-Fi Shopify Finance: Fueling Merchant and Small Business Growth Episode 558: Fintech Visionaries Reimagining the Future of Finance: Start Path Recorded end of September