HomeBankingSingapore’s GXS Bank reportedly receives $109m investment from parent company Grab

Singapore’s GXS Bank reportedly receives $109m investment from parent company Grab

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  • GXS Bank Funding:
    • Singapore-based digital banking challenger GXS Bank has reportedly received an additional $109 million investment from its parent company, Grab Holdings.
    • The investment was made through Grab’s subsidiary A5-DB Holdings Pte.
    • This follows a $104 million investment in July 2023 and a $56.8 million investment in April 2023, indicating Grab’s commitment to strengthening its presence in the financial services sectors of Singapore and Malaysia.
    • Grab, known for its ride-hailing app, entered Singapore’s digital banking space by partnering with regional telecommunications firm Singtel to launch GXS Bank in August 2022.
    • GXS Bank provides various financial services, including banking, payments, wealth management, and insurance.
    • ACRA filings suggest that Grab and Singtel are planning to inject an additional $172 million into GXS Bank in the third quarter of this year.
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