- GXS Bank Funding:
- Singapore-based digital banking challenger GXS Bank has reportedly received an additional $109 million investment from its parent company, Grab Holdings.
- The investment was made through Grab’s subsidiary A5-DB Holdings Pte.
- This follows a $104 million investment in July 2023 and a $56.8 million investment in April 2023, indicating Grab’s commitment to strengthening its presence in the financial services sectors of Singapore and Malaysia.
- Grab, known for its ride-hailing app, entered Singapore’s digital banking space by partnering with regional telecommunications firm Singtel to launch GXS Bank in August 2022.
- GXS Bank provides various financial services, including banking, payments, wealth management, and insurance.
- ACRA filings suggest that Grab and Singtel are planning to inject an additional $172 million into GXS Bank in the third quarter of this year.
