Latest news with #GXSBank
The Star
14-05-2025
- Business
- The Star
Pei-Si Lai takes helm at GXS Bank; Kaushik Chowdhury steps up as GXBank CEO
KUALA LUMPUR: GXBank, the digital bank subsidiary of GXS Bank in Malaysia, has announced the appointment of Pei-Si Lai as the group CEO of GXS Bank. The appointment will take effect on June 1, 2025. Lai, who is currently the CEO of GXBank, will succeed Muthukrishnan Ramaswami, the current group CEO, upon his retirement. In a statement, GXBank said Kaushik Chowdhury, the current deputy CEO and chief commercial officer (Retail), will succeed Lai as the CEO of GXBank in Malaysia. He will be supported by Hildah Hamzah, who will take on the role of deputy CEO and chief operating officer, along with the existing management team. GXBank is a subsidiary of GXS Bank Pte Ltd, the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel). GXBank is also owned by a consortium of other Malaysian investors, including Kuok Group.
Business Times
14-05-2025
- Business
- Business Times
GXS Bank CEO to retire, GX Bank CEO to take over
[SINGAPORE] GXS Bank has announced that chief executive Muthukrishnan Ramaswami will be retiring on May 31. His successor will be Lai Pei-Si, CEO of GX Bank, the Malaysian arm of GXS, it said on Wednesday (May 14). Lai will take over as GXS CEO on Jun 1, with GX Bank deputy CEO Kaushik Chowdhury taking over her role. Ramaswami will remain as a senior adviser to GXS. Lai has been the CEO of GX Bank since 2022, when it received a digital banking licence in Malaysia. The bank has grown to more than a million customers a year since its launch in November 2023, and processed over 124 million transactions. Both Lai and Ramaswami oversaw the recently announced Validus acquisition. 'As a veteran banker with the unique experience of having launched Malaysia's first digital bank, Pei-Si understands the tremendous impact that digital banks can bring to our communities,' said Hsieh Fu Hua, chairman of GXS.
Business Times
11-05-2025
- Business
- Business Times
BT Money Hacks: Renovation loans - Maximise savings and minimise stress
You've finally taken possession of your new home and now want to turn it into your dream home. Unfortunately renovations can very quickly become a nightmare particularly if you hadn't planned your finances well. In the latest episode of Money Hacks, by The Business Times, host Howie Lim delves into the financial intricacies of home renovations with expert guest Jenn Ong, managing director of GXS Bank. As renovations continue to be a major financial undertaking for many homeowners, this episode offers invaluable insights on making smart financial decisions to avoid common pitfalls. Home renovations - exciting or overwhelming With numerous design choices and various fixtures, it's easy to get carried away. However, Ong emphasises the importance of understanding the financial implications before diving into any renovation project. Lim leads the discussion to the critical first step - determining your budget and knowing where to get the necessary financing. Ong highlights that while cash is often seen as the best payment method, it is not always feasible for everyone, especially when renovation costs can run into the tens of thousands. She points out that renovation loans can be a smart alternative, provided they're competitively priced and offer the needed flexibility. Setting realistic budgets BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Another key takeaway from the episode is the importance of setting realistic budgets. Lim probes the common recommendations that suggest not spending more than 10 per cent of your property's value or six times your monthly income on renovations. Ong however suggests that these are merely broad guidelines and that one's disposable income should ultimately dictate the budget. She stresses the significance of remaining financially comfortable, even if it means compromising on certain renovation elements. Good debt vs. bad debt The duo also addresses the often-asked question of whether renovation loans are considered good debt. Jenn clarifies that while housing debt is generally seen as good debt because it's secured against a valuable asset, renovation loans are still unsecured and should be approached with caution. The focus, she insists, should be on making your home a place you love, rather than attempting to increase its market value through extravagant renovations. Flexibility in loan repayments Flexibility stands out as a significant advantage when choosing a renovation loan. Ong explains that the ideal renovation loan should allow for flexible repayments without penalties, making it easier to manage your cash flow. Here she also expands on the kinds of loans she prefers and is a must listen section of the podcast. The conversation takes a critical look at the various fees and charges that come with renovation loans with Ong warning listeners to be vigilant about these additional costs. Listen now for top tips managing financial stress during renovations and how to prioritise necessary fixes over aesthetic changes. Lim wraps up the podcast by echoing Ong's advice, reminding listeners that while offers and rewards tied to renovation loans can be tempting, it's crucial to do the math and consider the overall financial impact. Howie Lim will have more great advice and hacks in our next episode of Money Hacks next week. We welcome your feedback or episode ideas to btpodcasts@ --- Written and hosted by: Howie Lim (howielim@ With Jenn Ong, managing director, GXS Bank Edited by: Howie Lim & Claressa Monteiro Produced by: Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow BT Money Hacks podcasts every Monday: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Correspondents: BT Market Focus at: BT Podcasts at: BT Branded Podcasts at : BT Lens On:
Yahoo
05-03-2025
- Business
- Yahoo
GXS Bank Partners with Thoughtworks to Expand its Digital Footprint across Southeast Asia
SINGAPORE, March 05, 2025--(BUSINESS WIRE)--Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation, announced partnering to simplify GXS Group's launch of two digital banks in Singapore and Malaysia within a year of each other. Thoughtworks' expertise was integral in helping GXS Group meet its goal of designing a modular technology infrastructure that can be scaled quickly across different markets. Through the partnership, Thoughtworks and GXS Group have developed a seamless and highly secure digital banking mobile platform. This platform is the foundation on which GXS Group has built its suite of retail and business banking products for Singapore and Malaysia. For its retail business, GXS Group was clear that there were certain product innovations that it wanted to introduce to the market at launch. For example, the GXS FlexiLoan, its flagship personal loan product in Singapore, needed to offer customers the flexibility to choose their repayment options. A key customer proposition for the GXS FlexiLoan is the ability for GXS Bank to customize the loan offer to each customer, based on the Bank's proprietary credit assessment model that uses both credit bureau data as well as a broader set of data from its ecosystem. GXS and Thoughtworks co-designed and built the technology infrastructure that enables these product innovations. Designed for a regional digital bank strategy A key cornerstone in GXS Group's expansion plans in Southeast Asia is ensuring compatibility with regional ecosystems. Thoughtworks worked with GXS Group to ensure that what is built in each market can be easily scaled across markets, enabling the Bank to benefit from economies of scale and talent from its centres of excellence. The Bank operates as GXS Bank in Singapore and GXBank in Malaysia. In Indonesia, GXS Group also works closely with Superbank, which shares the same parentage as GXS Bank, with Grab and Singtel among its shareholders. Superbank also leverages the same core banking system, data and product infrastructures which are used across the GXS Group. "We have bold ambitions to improve financial inclusion and support economic growth for our customers across the region. For us to achieve this, we knew we had to be nimble and that our build had to be modular and scalable," said Rajat Malhotra, Chief Technology Officer at GXS Bank. "Thoughtworks is a pioneer in the field of agile frameworks, and its disciplined approach, understanding of best practices, and engineering principles have been a strong support for our engineering teams as we built and launched two new digital banks in two countries in the space of a year. " "Over the past few years, banks have been aggressively adopting digital technologies to provide extraordinary banking experiences for customers," said Wayne Te Paa, Managing Director for Banking, Finance Services and Insurance, Thoughtworks Asia Pacific. "By enhancing GXS Bank's engineering culture and delivering a robust and scalable mobile platform solution, we are proud to have enabled GXS Bank to create and rapidly launch high-quality new digital banking services and accelerate their growth across the competitive Southeast Asia market." At the heart of Thoughtworks' partnership with GXS Bank is the commitment to building an engineering culture that empowers the bank's teams to create and launch high-quality products efficiently—bolstering their ability to innovate and respond to customer demands. Thoughtworks' Engineering Effectiveness approach, played a critical role in helping GXS Bank deliver robust solutions, including boosting engineering productivity, enhancing developer experience and driving cost efficiency. Supporting resources: Read more about Thoughtworks in the Banking, financial services and insurance sectors. Keep up with Thoughtworks news by visiting the company's website. Follow us on X, LinkedIn and YouTube. - ### - About GXS Bank GXS Bank is a digital bank focused on making banking better for the everyday consumer and small businesses. This includes Singapore's underserved individuals and businesses. The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data. GXS Bank holds a banking licence issued by the Monetary Authority of Singapore. It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asia's leading super app, and Singtel – Asia's leading communications technology group. GXS Bank has a digital bank subsidiary in Malaysia, GX Bank. It also works closely with Superbank, a digital bank in Indonesia. GXS Bank is not associated with Thoughtworks and its entities. About GXS FlexiLoan The GXS FlexiLoan is the first unsecured term loan offered by a bank in Singapore which enables customers to pay off their loan partially or in full without any early repayment fees, with the additional benefit of interest savings. More than 100,000 loans were disbursed within the first year of the launch, and six months later, the bank doubled the loans disbursed to 200,000. This accelerated loan growth reflects the mass appeal of the GXS FlexiLoan. GXS Group has also won numerous awards for its suite of products and services, including Best New Digital Product of the Year award for the GXS FlexiLoan at The Digital Banker's Global Retail Banking Innovation Awards in 2024. About Thoughtworks Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are over 10,000 Thoughtworkers strong across 48 offices in 19 countries. For 30+ years, we've delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator. View source version on Contacts Media contact: Linda Horiuchi, global head of public relationsEmail: Phone: +1 (646) 581-2568
