KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
GXS Bank Pte Ltd, the digital bank supported by Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel), has set an ambitious goal to achieve profitability by March 2027, focusing on doubling its loan book every six months. Key Takeaways: Target Market: GXS Bank targets financially underserved sectors, including gig economy workers and small businesses, primarily those transacting through the Grab app. This creates a valuable data source to assess creditworthiness. CEO's Vision: “We’re not competing for the same customer that the big bank is trying to get,” said GXS group CEO Muthukrishnan Ramaswami. “There are so many people who are underserved that there is enough money to be made by serving them.” Competition: GXS Bank faces stiff competition from Singapore’s established brick-and-mortar banks, DBS Group Holdings Ltd, Oversea-Chinese Banking Corp, and United Overseas Bank Ltd, which dominate the market. Financial Performance: GXS reported losses of S$152.1 million i...