Grab-backed digital bank GX Bank Berhad has recently launched its business banking facility and flagship Jaguh Niaga Program, reaffirming its commitment to supporting Malaysia’s micro, small and medium enterprises (MSMEs).

The bank said in a statement on Thursday thatoffering first to sole proprietors, GX Business Banking, is an innovative and fully digital solution specifically designed to address small business’ pain points.

It simplifies processes and financial access while offering savings on both their (operating) account and loan settlements.

GX Business Banking offers two key products: GX Biz Account (a fully digital business account that can be opened via the app, with no physical documents required), and GX Biz FlexiLoan (an instant access to growth capital of up to MYR 150,000 [$35,744]).

Additionally, Jaguh Niaga which aims to empower 10,000 MSMEs to thrive in a digital, first economy, will provide inclusive financing (via GX Business Banking) and access to a suite of digital business tools suitable to help local businesses grow.

These include expanding their customer base via the Grab platform; HR management solutions; and digital payments, through carefully curated partnerships with local companies, such as startups from GXBank’s TeXnovasi program – du-it, Swipey and PulseLink.

“We first piloted GX Business Banking with Grab merchant-partners, and their feedback and response was overwhelmingly positive, especially the unparalleled convenience and
additional savings,

“They appreciated that approval for a business loan is in minutes with instant access to cash. Similar to our retail deposits, business owners earn daily interest on their GX Biz Account,” said Prasanna Rao, Chief Commercial Officer (SME), GXBank.

“For GX Biz FlexiLoan, they can choose flexible repayment terms of up to three years, with no penalty for early settlement, and also, earn interest charge reduction on their loan repayments,

“Additionally, their feedback allowed us to refine our products – from improving our credit models to approval speed, and data-fraud prevention,” he added.

Hildah Hamzah, Deputy Chief Executive Officer and Chief Operating Officer, GXBank, said in line with the bank’s mission to the underserved community, with GX Business Banking and the Jaguh Niaga Program, they are not only setting new industry standards but also investing in
MSMEs that power more than 95 percent of Malaysia’s economy.

“Banking shouldn’t be a barrier to growth – we’re reimagining it by leveraging technology and bringing together partners with intuitive tools that share our passion to help entrepreneurs save time and money,

“Ultimately, #JaguhNiaga is about them becoming champions of their trade,” she added.

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