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Showing posts with label Digital Bank. Show all posts
Showing posts with label Digital Bank. Show all posts

GX Digital Bank 2024

Grab disrupted Taxi business offering exorbitant fares. Consumer are the biggest winner. Taxi market are now much more balanced without too much taxi on the road and too expensive for average people as consumer shifted to e-hailing as they always know e-hailing is for the good of next generation.


The paradigm shift did not encourage more taxi to use metered fare. Consumer felt cheated as Taxi quotes unrealistic fare price.

Without emergence of Grab, there will be more taxi on the road, more unsustainable fare quote, probably more Traumatized consumer and Sad Tourists. But with Grab, there will be competition for Uber, metered fare quote, job creation for food delivery and ride-hailing.

Despite all that, today we are not going to talk about Grab listed on NASDAQ in USA. Today, we are going to talk about Grab's first digital bank in Malaysia.

Gxbank card

Grab X Singtel X Kuok Brothers were the talk of the town. Will Digital Bank provides value added service to Consumer much more than traditional bank ?? Instead of initial deposit of RM500 to open a bank account in a traditional bank, it seem like GX Digital Bank have the technological capability and resources opening a savings account without the need to be physical presence and in contact with bank staff. 

Opening up a letter from GX Bank

As i ponder, did the traditional banks have been earning too much profits ? In fact, they do earn lots of money and the best and brightest often wanted to secure a job in a bank. Having a Digital Bank in the market somehow make us less dependent on the "Too big to fail" organization. 

There are so much competition in this Digital Banks. Just to name a few, Aeon Bank, Boost Bank even the Touch N Go have some similarity. 

GX Digital Bank Card on Watson malaysia

Never in my Life I have a Bank card with a Cash Back Feature. I just need to try it out in local store buying some body soap. 

Honestly, Grab as a company does not earn lots of profit based on their stock market performance in USA. Their brands and values however, bring enormous impact to other people lives.