KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
GX Bank Bhd, Malaysia’s first digital bank, has achieved remarkable growth, reaching over 750,000 customers within just eight months of its launch. Since opening to the public in November last year, GX Bank has also facilitated the creation of more than 800,000 “savings pockets” by the end of July 2024.
Key Milestones
Rapid User Growth: GX Bank attracted 100,000 users within the first two weeks of its debut and has continued to expand its user base rapidly. The bank's success highlights the increasing preference for digital banking services among Malaysians.
Transaction Volume: Customers have conducted over 13 million transactions through the GX Card and QR code, showcasing the bank's impact on Malaysia's digital financial landscape.
GX Untuk Semua Initiative
Launch and Objectives: The GX Untuk Semua initiative was launched as part of GX Bank’s RM1.5 billion investment strategy in Malaysia over the next five years. The initiative aims to nurture local tech talent, develop core competencies, and introduce innovative solutions to improve financial access for the underserved.
Technological Advancements: The initiative will focus on implementing AI-based solutions for risk and fraud management, as well as providing lending solutions for personal and micro, small, and medium enterprises (MSMEs).
Workforce and Impact: With a workforce composed of over 95% Malaysians, GX Bank is positioned at the forefront of addressing the financial needs of all Malaysians, emphasizing inclusivity and accessibility.
Remarks from Key Figures
Datuk Zaiton Mohd Hassan, Chairperson of GX Bank: Zaiton emphasized the bank's commitment to meeting the real financial needs of Malaysians, highlighting the significance of the GX Untuk Semua initiative as more than just a national aspiration or tech hub.
Prime Minister Datuk Seri Anwar Ibrahim: Anwar expressed pride in the progress of digital banks in Malaysia, particularly GX Bank's reach beyond professionals and the upper class, extending its services to the young, underserved, and Grab drivers. He emphasized the importance of financial inclusion, noting that GX Bank’s facilities will significantly benefit these groups.
Anthony Tan, CEO of Grab: The presence of Grab's leadership at the event underscores the collaborative efforts between GX Bank and key industry players to foster innovation and financial accessibility in Malaysia.
Future Prospects
GX Bank's rapid growth and the launch of the GX Untuk Semua initiative position it as a leader in Malaysia's digital banking sector. The bank's focus on technological innovation, local talent development, and financial inclusion reflects its commitment to driving sustainable growth and addressing the diverse needs of its customer base.
As GX Bank continues to expand its services and capabilities, it is poised to play a significant role in shaping the future of digital banking in Malaysia, offering solutions that cater to a wide range of financial needs and fostering greater financial inclusion across the nation.
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