GXS Bank Referral Code: KELV938 (Referral Promotion)

Promotion validity period: till 31 December 2024

Sign up with the referral code: KELV938 now!

Earn up to S$100 in cashback, under the GXS Bank Q4 Brand Campaign when you fulfill the terms and conditions.

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About GXS

GXS Bank is a digital bank in Singapore that launched on 31 August 2022. It is a joint venture between Grab, the Southeast Asian superapp, and Singtel, a leading telecommunications company. The bank was awarded one of the first digital full bank licenses by the Monetary Authority of Singapore (MAS) in December 2020.

GXS aims to cater primarily to underserved segments, such as gig economy workers, small businesses, and individuals who may not be well-served by traditional banks.

Competitive Advantages:

• Digital-First Approach: Unlike traditional banks with physical branches, GXS is entirely digital, which allows it to provide more agile and cost-efficient services.
• Technology Integration: Leveraging Grab’s and Singtel’s vast ecosystems, GXS can offer seamless integration with services such as ride-hailing, food delivery, mobile wallets, and telecommunications.
• Personalization and Data: With access to large datasets from its parent companies, GXS can deliver highly personalized financial services, including better risk assessments for credit offerings.
• Targeted Segments: GXS focuses on underserved groups such as gig workers, freelancers, and SMEs, offering tailored products like flexible savings and microloans that cater to these specific needs.

These factors help differentiate GXS Bank from more established players in Singapore’s competitive banking landscape.

Products

Savings Account

Save better with daily interest. Insured up to S$100K by SDIC.

The GXS Savings Account is a key offering of GXS Bank.

Key Features of the GXS Savings Account:

• Daily Interest Earnings: Unlike traditional savings accounts that pay interest on a monthly basis, the GXS Savings Account pays interest daily. This allows users to see their savings grow incrementally each day.
• No Minimum Balance Requirement: Users are not required to maintain a minimum balance, making the account accessible to people with varying financial situations, including those with irregular or lower income.
• Multiple Savings Pockets: GXS offers “savings pockets,” which are separate sub-accounts that allow users to save for specific goals (e.g., travel, emergency fund) while still earning interest. This encourages goal-oriented saving without the need for multiple bank accounts.
• Competitive Interest Rates: GXS offers competitive interest rates to encourage saving, which can be especially attractive to users who want to maximize their returns without locking up their money in fixed deposits.
• Flexibility and Accessibility: The account is fully digital, allowing users to manage their savings anytime through the mobile app. They can move money in and out easily without fees, giving users full control over their finances.
• Seamless Integration with GrabPay: Since GXS is part of the Grab ecosystem, users can easily transfer funds between their GrabPay wallet and their GXS savings account. This makes it convenient for Grab users to manage both spending and savings in one ecosystem.

These features make the GXS Savings Account stand out in a market where traditional banks often have more rigid rules and structures.

FlexiCard

A no-interest credit card with no minimum income requirement. Earn unlimited cashback instantly for every eligible transaction of minimum S$10 spend.

The GXS FlexiCard is another innovative financial product offered by GXS Bank, designed to provide flexible credit access to users, particularly those underserved by traditional banks. It caters to the modern lifestyle of users such as gig workers, freelancers, and small businesses who need greater control and flexibility over their spending.

Key Features of the GXS FlexiCard:

• Virtual and Physical Card Options: The FlexiCard is available as both a virtual card for online and mobile transactions and a physical card for in-store purchases. This allows users to choose how they want to manage their spending.
• Flexible repayments: Choose to pay in full, or make a minimum payment with just a S$5 Flexi fee per month. You’ll carry your balance to the next month with no interest charged.
• No Hidden Fees: GXS emphasizes transparency, and the FlexiCard has no hidden fees or surprise charges. There are no annual fees or foreign transaction fees, which makes it a cost-effective option for users.
• Real-Time Spending Control: Users can track their spending in real-time through the GXS app, which gives them greater control over their expenses. The app also provides insights into spending habits, allowing users to manage their budgets more effectively.
• Earn Rewards and Cashback: Get instant cashback (up to S$3) when you spend a minimum of S$10 in a single eligible transaction. No limits on how many rewards you can earn!

The GXS FlexiCard is designed to meet the needs of a modern, mobile-first population by offering a flexible and user-friendly credit option, while keeping costs transparent and manageable.

FlexiLoan

Super flexible instant cash from 0% p.a. (EIR 4.13% p.a.) with Balance Transfer or from 2.99% p.a. with Instalment Loan (EIR 5.65% p.a.).

Check out the FlexiLoan article for more details.