[FOR IMMEDIATE RELEASE]

GXBank’s Brand Purpose Comes to Life with Impian GIGih

• Impian GIGih - To Drive Financial Inclusion and Literacy for gig workers and B40 
• Collaborations with pioneering partners GoBarakah and MYDIN to drive virtual and on-ground efforts
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• Singgah Di Semua - Public Financial Literacy event in conjunction with Ramadan 

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PETALING JAYA, 20 March 2024 - GX Bank Berhad (GXBank) unveiled Impian GIGih, a manifestation of the bank’s brand purpose to drive financial inclusion and literacy to empower the underserved segment. 

Pei Si Lai, Chief Executive Officer, GXBank shared that the bank’s mission for financial inclusion has been ingrained in its ethos and operations since inception. “As a Malaysian digital bank, we have our bank rooted in our mission to be purpose-driven. Reflecting on our first 100 days of operation, we are humbled and inspired by the support of Malaysians and our partners. As we introduce new products and enhancements like our QR pay and the GX App in BM, we are also moving ahead to do what we were made for - serving the underserved.”

Echoing Pei Si, Hildah Hamzah Chief of Staff, elaborated on the principles driving the heart of the bank. “We want to help Malaysians grow and thrive through customised financial services. We will do so leveraging technology to identify and solve their unmet financial pain points. Ultimately, we want to be that bridge for the underserved; paving a path and supporting their journey to achieve their financial goals.” 

Impian GIGih aptly reflects GXBank’s steadfast commitment to fortifying Malaysia’s financial resilience, in anticipation of future economic demands. With a focus on gig workers and the B40 segment, the bank will leverage the power of tech and data to facilitate intergenerational social mobility by doubling down on three key foundational pillars: 

• Enhancing Financial Well-being: Providing equitable and inclusive access to financial services tailored to their needs 
• Ensuring Educational Accessibility: Alleviating the cost of education of their children so they can further themselves without worries

• ‍Promoting Financial Literacy: Empowering Malaysians to make more informed financial decisions and planning for themselves and their families.
  
  

Therefore, Impian GIGih’s timely pilot effort took place at the end of February just as parents were busy preparing for the first day of school. Together with pioneering partners, MYDIN and GoBarakah, GXBank distributed physical and virtual bursaries to those that needed it the most. 500 back-to-school kits were distributed to children of B40 parents and Grab drivers in Kelantan and Johor Bahru respectively.

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To extend its virtual support, the bank is collaborating with GoBarakah to provide e-vouchers to registered beneficiaries via the platform, which can be used to purchase school essentials year-round at selected vendors nationwide.

Given the nation’s economic landscape and volatile job market in certain industries, many aged 25 to 44 have resorted to gig work, either as a stepping stone or a permanent solution. [1]Fluctuating income, barriers in current banking processes and the lack of social protection and financial support by most gig platforms, often leaves gig workers financially vulnerable. Layered on the rising cost of living and education, this impedes their ability to financially plan for themselves, their household and their children’s educational needs.[2][3]

GXBank plans to expand its back-to-school initiatives by offering tertiary education scholarships to children of gig workers and B40 parents, recognising the transformative power of literacy to break the cycle of poverty. “Knowledge is a powerful tool that can influence their future. Empowering them with the right information and financial products can ensure the future of their children, without the added financial burden. Leveraging the network of our like-minded partners, MYDIN and GoBarakah, this enables us to scale our efforts cohesively and sustainably,” Pei Si further added.

Bringing the Bank’s purpose to life, GXBank introduced their brand video - Sepoket Impian starring Johan. The video narrates the frustrations of a father burdened by financial decisions, the unattainable dreams of a son, and how Johan steps in, reconciling their aspirations, helping them to create a new future. Click HERE to view the video.

Singgah di Semua Bersama GXBank

In conjunction with Ramadan and in line with the Bank’s commitment to improving financial literacy, GXBank together with partners Euronet, Idemia, Mastercard, Onfido and PayNet invites Malaysians to Singgah di Semua and berbuka bersama on March 23 from 2pm to 7pm. Some highlights customers can look forward to are: 

·       Interactive discussions to better understand the concept of digital banks and how it benefits Malaysians,

·       Visit our viral store to support local entrepreneurs, and

·       Participate in activities to win attractive prizes. 

For more information about Singgah di Semua, please visit their Instagram or follow GXBank on their social pages.

Appendix: Quotes from Partners

Azrin Ajib, Co-Founder, GoBarakah

“Our partnership with GXBank resonates with the purpose of our platform - using technology for collective impact by partnering with multiple trust organisations to channel public and corporate contributions to the B40, OKU and zakat-verified segments in our society. We can only thrive as a nation when we collectively support the under-resourced amongst us, with the single agenda of elevating them from their current socio environment. GoBarakah is the backbone platform for impactful social assistance, exercising accountability and transparency for all stakeholders in ensuring that support goes to those that truly need it.”

Datuk Wira (Dr) Haji Ameer Ali Mydin, Managing Director, MYDIN

“The welfare and livelihoods of Malaysians have always been central to how we operate our business. MYDIN has been operating for over six decades and survived many socio-economic challenges, so we understand the hardships people and businesses face. It is what drives our continued commitment to prioritise people over profit and to be competitive in our pricing for the community. We are proud to work hand in hand with GXBank to not only support and take care of the needs of the underserved but also participate in the financial literacy journey towards financial resilience for future generations.”

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About GXBank

GX Bank Berhad (GXBank) –regulated by Bank Negara Malaysia with deposits insured by Perbadanan Insurans Berhad Malaysia (PIDM) – is Malaysia’s first digital bank that commenced operation on 1 September 2023. With a workforce of almost 99% Malaysians from both the finance and technology sectors, the bank aims to disrupt the current banking industry with customised innovative solutions that empower Malaysians to be financially resilient and support their financial goals.

GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.

About GoBarakah

Gobarakah.com revolutionises social assistance with its smart giving e-vouchering platform where each public and corporate contribution is converted as programme e-vouchers and seamlessly distributed to beneficiaries vetted and nominated by trust organisations to be redeemed for goods or services.  The platform's proprietary technology enables multi-format assistance e-vouchers and end-to-end monitoring and traceability of contributions - empowering stakeholders with flexibility and visibility, and impact controls through its various redemption methods. Leveraging on technology and collaborations, GoBarakah is a centralised way for NGOs, state agencies, private companies, public donors and vendors to converge in one ecosystem and tap into each other’s capabilities to address the needs of under-resourced communities, hence maximizing the collective impact of social assistance efforts. Developed and operated by LC Wakaful Digital based on the principles of Fardhu Kifayah or communal obligations, ‘BARAKAH' which stands for Bantuan Ramai Untuk Kebaikan Umum, is a next generation, shariah-compliant social assistance digital platform.

About Mydin Mohamed Holdings Berhad (MYDIN)

MYDIN is a home grown wholesale and retail chain that has operated since 1957.  MYDIN continues to be the halal key driver for Malaysia's retail industry, providing a wide selection of products while simultaneously orienting the wholesale pricing policy all year round. Why Pay More? Buy at Wholesale Prices! MYDIN stores provide promising prices every day without compromising the quality of goods. MYDIN operates 68 outlets nationwide, comprising seven business formats. For more information, visit our official website at www.mydin.my

For press materials and other inquiries for GXBank, please contact :

Priority Communications PR

Kenny Lim
Email: gxbank@priority.net.my‍
Mobile: 012 292 8223

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GXBank

Hisyam Shamsuddin
Email: communications@gxb.my
Mobile: 011 5915 9797

[1] Gig Economy Continues to Grow Despite Normalisation of Household: MDEC, Dec 2023

[2] Gig Economy, FinancialHealth and COVID-19: A Case Study of FastJobs in Malaysia; UNCDF, 2022

[3] Rising costs hit parents' pockets hard,Jan 2023

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