GXBank Review: Malaysia’s First Digital Bank

GXBank, established in 2020, is Malaysia’s very first fully online bank, bringing a fresh and exciting approach to banking in the country. Founded by fintech enthusiast Dato’ Lee Wei Chong, GXBank aims to make high-quality financial services both affordable and accessible for everyone. Backed by advanced technology and a user-friendly interface, GXBank offers a range of services from seamless online transactions to personalized financial advice. With its innovative digital platform and customer-focused approach, GXBank is transforming the financial landscape in Malaysia, offering a modern, convenient, and reliable banking experience for all. Whether you’re saving, investing, or managing your everyday finances, GXBank is designed to meet your needs efficiently and securely.

GX Bank Review : What Makes it A Good Bank

1. License and Regulations

GXBank operates under a digital bank license and is fully regulated by Bank Negara Malaysia. This ensures that the bank adheres to strict financial regulations, providing customers with peace of mind. Additionally, GXBank’s deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM), offering an extra layer of security for depositors.

2. Financial Health

Is GXBank Safe and Reliable? Transparency is a key pillar of GXBank’s operations. The bank publishes its Fiscal Year Report and other document on its website, allowing customers and stakeholders to assess its financial health. The reports have consistently shown overall positive performance, highlighting the bank’s stability and sound financial management.

3. Products and Services

GXBank debit card and GXBank saving account offers a diverse range of products and services designed to meet the needs of its digital-savvy customers. These include:

• Debit Cards: Convenient and widely accepted for everyday transactions.
• Savings Accounts: Flexible accounts with no minimum balance, no limits, and no lock-in periods.
• Payment Support: Integration with DuitNow and Payments Network Malaysia (PayNet) for seamless and quick transactions.

4. Fees and Rates

One of GXBank’s major advantages is its customer-friendly fee structure. The bank does not impose minimum balance requirements, limits, or lock-in periods for savings accounts, making it accessible to a broad audience. This flexibility is a significant plus for customers seeking hassle-free banking.

5. Customer Service

GXBank prides itself on providing exceptional customer service. With 24/7 customer support, users can get assistance anytime, ensuring that their banking experience is smooth and uninterrupted. The bank’s customer service team is known for its responsiveness and helpfulness, which enhances the overall user experience.

6. Security and Technology

Security is a top priority for GXBank. The bank employs advanced security measures, including multi-factor authentication and encryption technologies, to protect customer data and transactions. Additionally, GXBank continually updates its technology to stay ahead of potential threats, ensuring a secure banking environment.

Why GXBank Shines : Advantages and Benefits That You’ll Love

GXBank sets itself apart from other Malaysian banks with its innovative approach and exceptional benefits designed to meet the needs of today’s digital-savvy customers. Here’s a look at the fantastic benefits and promotions that GXBank offers, which make it a standout choice:

• 3% p.a. Daily Interest Rate: GXBank offers a generous 3% annual interest rate, compounded daily, on savings accounts. This rate is significantly higher than the national average, allowing your money to grow faster and work harder for you. Unlike traditional banks that may require high minimum balances to earn similar rates, GXBank offers this benefit to all customers, regardless of their account balance.
• Unlimited RM8 Referral Bonus: Share the love! GXBank’s referral program is one of the most rewarding in the industry. Refer friends and earn an unlimited RM8 bonus for each one who joins. Plus, every referral gives you a chance to win RM10,000 in cash and RM500 worth of Grab vouchers. Traditional banks often limit referral bonuses, making GXBank’s program a lucrative and engaging way to introduce friends and family to the bank.
• 1% Cashback Debit Card: Enjoy 1% cashback on all your purchases with the GXBank debit card. Whether you’re buying air tickets, ordering food delivery, purchasing furniture, or anything else you can think of, you’ll earn cashback. Only a few select outlets and merchants are excluded from this generous offer, making it an excellent way to save on everyday spending. Most other banks offer cashback on limited categories or with restrictive conditions, but GXBank provides broad and straightforward benefits.
• Easy to Apply: Joining GXBank is a breeze. You can easily apply for an account online without the hassle of queuing at a physical counter or bringing tons of documents. The process is straightforward and quick, allowing you to start enjoying all the perks of GXBank in no time. If you encounter any issues, GXBank’s 24/7 customer support is always ready to assist you with attentive and efficient service, ensuring a smooth and satisfying banking experience.

With GXBank, banking becomes a rewarding and effortless experience. Whether you’re saving, spending, or sharing with friends, GXBank adds value and excitement to your financial journey. From higher interest rates to unmatched cashback rewards and a seamless application process, GXBank truly stands out in the Malaysian banking landscape.

GXBank’s Impian Gigih Scholarship: Paving the Way to Your Dreams

GXBank are dedicated to helping Malaysians achieve their dreams through education. The Impian Gigih Scholarship is one of our flagship programs, designed to provide financial support to deserving students. This scholarship aims to empower young Malaysians by removing financial barriers and allowing them to focus on their studies and future aspirations.

The Impian Gigih Scholarship is open to Malaysian citizens aged 22 and below, with a total monthly gross household income of RM8000 or less. We particularly encourage children of gig workers to apply. To be eligible, applicants must have a CGPA of 3.30 or above in their STPM, Diploma, A-Level, Matriculation, or equivalent, and must have obtained admission to a Malaysian public university. Applicants should not be receiving any other scholarships, sponsorships, or be under any bond agreements throughout their course of study.

To apply, students need to submit a Letter of Offer or Conditional Letter of Offer from a Malaysian public university, a cover letter detailing their hopes and aspirations, and transcripts or certificates from their STPM, Diploma, A-Level, Matriculation, SPM, or equivalent qualifications. Testimonial or school recommendations, if available, are also welcomed.

With the Impian Gigih Scholarship, GXBank is committed to investing in the future of Malaysia by supporting the educational journeys of talented and driven individuals, helping them take a significant step closer to realizing their dreams. Apply now at their website or click here.

How to Apply for GXBank Debit Card: Step-by-Step Guide

Applying for a GXBank Debit Card is quick and easy. Follow these simple steps to get started:

1. Download the App
   Visit the Apple Store or Google Play Store and download the GXBank app. Ensure you download the app only from these authorized platforms to avoid any security issues.
2. Sign UpOpen the app and sign up using your mobile number. Follow the on-screen instructions to complete the registration process.
3. Create Passcode and Set Up Face ID: Create a 6-digit passcode for secure access. Set up Face ID for added security and convenience.
4. Verify Your Identity: Take a clear photo of your IC (Identity Card) and complete the face recognition setup.

You’re all set! With these simple steps, you can quickly and securely apply for your GXBank Debit Card and start enjoying its benefits.

Conclusion

GXBank is revolutionizing the banking landscape in Malaysia as the nation’s first fully digital bank. With its user-friendly platform, competitive interest rates, generous cashback offers, and a seamless online application process, GXBank sets a new standard for modern banking. The bank’s commitment to making high-quality financial services accessible and affordable for all, combined with exceptional customer support and robust security measures, ensures a superior banking experience. Whether you’re looking to grow your savings, enjoy cashback rewards, or simply want the convenience of digital banking, GXBank stands out as the ultimate choice for savvy Malaysians.

FAQ

• Is my money safe with GXBank?
  Yes, absolutely! Deposits are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 for each depositor and licensed by Bank Negara Malaysia, meeting the required regulatory standards.
  
  Being a digital-only bank, we also understand that security is really important. Really important. That’s why we have implemented secure biometric authentications and you will be notified of every transaction made with your GX Account. If you detect any suspicious activity, you can easily disable your account within the GXBank app.

• Does GXBank have a physical branch or ATM that I can make cash deposits or withdrawal from?

GXBank is a 100% digital-only bank with no physical branches. However, you can always access your money from any MEPS enabled ATM nationwide. We also waive the RM1 withdrawal fee. All your banking needs can be fulfilled online. Enjoy the convenience of banking anytime, anywhere. Welcome to the future of banking!

• What if my account is locked? What do I  need to do?

To unlock your account, simply call our 24/7 Customer Support Hotline at +603 7498 3188. Our dedicated GX Buddy is available around the clock to assist you.

• How do I freeze account activities if I suspect fraudulent activities on my account?

If you suspect that you are a victim of a scam, you can temporarily suspend access to your account by activating the “Lock Account” feature via the GXBank app or Customer Support Hotline. Here’s a simple overview of the reporting process:

Suspend your account

You can easily use the “Lock Account” feature in the GXBank app. Just log in to the app, navigate to the ‘Me’ section on the Home screen, and tap on ‘Lock Account.’ Tap on ‘Lock Account Now’ and choose the reason for suspending your account. By following these simple steps, your account will be suspended immediately.

Or, you can also use our voice automated system or speak to one of our GX Buddy via call or Live Chat to suspend your account. Provide the necessary details about the incident, such as the date and time. To suspend your account using the voice automated system, call +603 7498 3188, press 1, and verify your NRIC and phone number. Your account will be suspended immediately.

A confirmation email will be sent to your registered email address. Access to your

• Can I use the GXBank app on more than one device?

To maintain the security of your account and personal information, you can only access the GXBank app on one device at a time. If you attempt to log in on a new device, you will receive a push notification on your original device, informing you of the login attempt.

Before you can use the GXBank app on a new device, you will need to remove your account from the old device. This ensures that your account remains secure and prevents unauthorized access. Once you have successfully removed the account from the old device, you can then log in and use the GXBank app on the new device.

If you do not have your original device with you or encounter any issues during the device deregistration process, don’t worry! Simply give us a call, and our GX Buddy will assist you in removing your registered device.

Note: Please be informed that there will be a 12-hour cooling period to prevent any unauthorized transactions after you rebind the device to your account. You will not be able to perform any outgoing transactions during this period.