Grab injects S$145.1 million into GXS Bank
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Benjamin Cher
GXS Bank received a S$145.1 million capital injection by Grab on Jan 11, according to filings made to the Accounting and Corporate Regulatory Authority of Singapore.
This follows previous capital injections of S$75.8 million in April 2023 and S$137 million in July 2023 by Grab.
GXS Bank backers, Grab and Singtel, have also laid out plans for a further capital injection of S$229.5 million in the third quarter of 2024.
The digital bank was awarded one of the retail digital bank licences along with Sea’s MariBank. Since its launch in August 2022, GXS Bank has rolled out a personal savings product, a personal loan product and a debit card.
GXS Bank is planning to inject S$55 million in capital and up its stake in Malaysia’s GXBank with a share subscription for 187.1 million shares. This deal is subject to approval from the Monetary Authority of Singapore.
GXBank was launched in December 2023, offering a debit card from the day it was established.
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