GXBank CEO Lai Pei-Si (fourth from right) with the GXBank and Grab teams at the KL20 Summit.

KUALA LUMPUR (April 24): GXBank, Malaysia’s first digital bank, said it plans to establish a regional centre of excellence (COE) for shared services in Malaysia, serving Grab-led digital banks and financial and operational services in the region.

The COE is slated to be operational by the end of 2024 and set to progressively offer almost 400 roles focusing on core banking activities such as banking operations, technology and risk management, said GXBank.

"Establishing the COE is part of GXBank’s RM1.5 billion investment into Malaysia over the next five years, positioning the country as a central hub to revolutionise the region’s digital finance and banking landscape," the bank added in a statement.

GXBank said the COE will leverage the country’s dynamic infrastructure and progressive policies, aligning with KL20’s purpose to elevate Malaysia as an innovation hub, leading technology and digital advancements.

GXBank chief executive officer Lai Pei-Si said the COE is part of the bank’s long-term goal to not only become the digital bank of choice for Malaysians, but also cultivate high-value skills that will enhance the region’s digital banking industry.

“Building on our current more than 400-strong team, we want to harvest and nurture the rich talent we have in Malaysia. We aim to create a dynamic environment in which they can challenge the status quo, raise the overall competencies and create best-in- class practices in the digital finance industry.

“We are eager to answer the government’s call to action; with their support, we are well positioned to serve Grab-led digital banks in the region. Our collective mission is to serve the millions of financially underserved individuals, facilitating their intergenerational social mobility and boosting the region’s overall economy,” she said.

To build capable tech talents, GXBank and Grab will be working with an entrepreneur support organisation, Endeavor Malaysia, to help mentor selected local, high-potential entrepreneurs to accelerate their growth.

Grab Malaysia managing director Adelene Foo said working with Endeavor gives the group a meaningful opportunity to give back, sharing their knowledge and experiences to assist the country’s burgeoning start-ups in realising their full potential.

“With physical presence regionally and global R&D centres, we bring a wealth of experience in identifying and addressing hyperlocal needs whilst navigating various regulatory, socio-economic and technological terrains,” Foo added.