Singapore’s GXS Bank reportedly receives $109m investment from parent company Grab
Singapore-based digital banking challenger GXS Bank has reportedly received a further $109 million investment from its parent company Grab Holdings, according to DealStreetAsia.
GXS Bank reportedly receives $109m from Grab
Made through its subsidiary A5-DB Holdings Pte, this latest capital injection follows a $104 million investment in July 2023 and a $56.8 million investment in April 2023, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) seen by DealStreetAsia.
This investment trajectory highlights the super-app’s desire to boost its foray into the lucrative financial service sectors of Singapore and Malaysia, with the firm currently providing banking, payments, wealth management and insurance services, among others.
Singapore-headquartered Grab, best recognised for its ride-hailing app, became one of the first players to enter Singapore’s digital banking space when it came together with regional telecommunications firm Singtel to launch GXS Bank and digital savings accounts for consumers and businesses in August 2022.
The pair had also invested in Indonesia’s Superbank, formerly known as Bank Fama, the previous January, following earlier investments in app-based Allo Bank and wealth and investment platform Bareksa.
DealStreetAsia reports that the ACRA filings indicate that Grab and Singtel are also planning to funnel an additional $172 million into GXS Bank in the third quarter of this year.
