GXS Bank, a prominent digital banking entity, has reportedly received a S$229.5m ($169m) capital injection from notable backers Singtel and Grab, according to a report from Tech in Asia.
Tech in Asia reported the funds from a new regulatory filing with the Accounting and Corporate Regulatory Authority of Singapore.
The majority of the S$229.5m was secured through the issuance of shares priced at S$1 each, with Grab acquiring the lion’s share of 191.8 million shares. Meanwhile, Singtel was allocated 37.7 million shares.
GXS Bank operates as Singapore’s pioneering digital bank, committed to transformative financial solutions that cater to both gig workers and traditionally underserved bank customers.
The mobile bank allows customers to automate their savings and earn a daily interest of 3%. Users can also set targets, such as an emergency fund, holiday, or new bike, allowing them to monitor how close they are and easily distribute funds to the desired goal.
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