KUALA LUMPUR (Aug 8): GX Bank Bhd is strengthening its role in advancing financial inclusion, with around 60% of its customer base comprising underserved segments, including individuals from the bottom 40% (B40) income bracket, and 10% from the gig economy.

Chief executive officer Kaushik Chowdhury said the figure reflects the bank’s core focus on underserved communities, a number that is expected to rise as the bank enters its next phase, which centres on productive economic financing.

GX Bank’s reach spans nearly all states, with strong traction in East Malaysia — Sabah and Sarawak represent its second-largest customer base, and broad geographical presence in East Coast states such as Kelantan and Terengganu.

“We’re not complacent about the 60% figure, but it’s a clear indication of whom we are serving, and this number is only expected to grow, especially as we shift into the next phase, focused on productive economic financing,” Kaushik told Bernama in an exclusive interview recently.

Apart from that, he said GX Bank is uniquely positioned to serve the gig economy, particularly drivers and merchants in the Grab ecosystem, thanks to the availability of ecosystem data that provides deeper insights into user behaviour and financial needs.

He noted that the bank is now focused on transitioning from short-term consumption and fast credit, to a more sustainable, productive lending.

“Our priority moving forward is to shift from offering consumption and fast credit, to providing economically productive financing that meets users’ real financial needs. This not only benefits our customers, but also contributes to the bank's long-term sustainability.

“Banks are meant to survive for centuries, not just decades — and to do that, we must create a sustainable business model that ensures we can continue serving this segment,” he said.

As part of its next phase, GX Bank is also in the beta stage of rolling out financial services for micro-merchants, beginning with sole proprietors and merchants within the Grab ecosystem, through a closed beta programme.

Kaushik added that the initiative will start with sole proprietors and small business owners, with insights gathered during the beta phase to be used to refine the bank’s offerings before scaling further.

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