Small and Medium Enterprises (SMEs) in Malaysia Now Authorized to Open Business Accounts with GXBank and Obtain Loans

Small and Medium Enterprises (SMEs) in Malaysia Now Authorized to Open Business Accounts with GXBank and Obtain Loans

GXBank, a pioneering digital bank in Malaysia, has recently unveiled its new business banking platform, GX Business Banking, along with lending options and a suite of products designed to support micro, small, and medium enterprises (MSMEs). At the heart of GXBank's mission is the investment in and setting of new industry standards for MSMEs, achieved through the Jaguh Niaga Programme and GX Business Banking. This initiative aims to empower 10,000 MSMEs nationwide, transforming them into champions of their trade. One of the key offerings from GX Business Banking is the GX Biz FlexiLoan, which provides up to RM150,000 in financing. Approval for this loan can be secured in minutes, and it comes with flexible repayment terms of up to three years. Remarkably, there are no penalty charges for early settlement, making it an attractive option for businesses seeking flexibility. In addition to the GX Biz FlexiLoan, GXBank offers the GX Biz Account, a digital account that can be opened online in under eight minutes without the need for physical documents. This account carries no monthly fees or minimum balance and earns daily interest of 1% per year. Account holders can also enjoy up to 1.5% bonus interest for being ecosystem partners. The platform is initially available for sole proprietors, and GXBank is collaborating with local partners such as du-it, Swipey, and PulseLink to provide additional services like customer acquisition through the Grab platform, HR management solutions, and digital payments. Feedback from early users, particularly Grab merchant-partners, played a significant role in improving the business account and loan features. The platform's products have been refined based on user feedback, including improvements to credit models, approval speed, and data-fraud prevention. GXBank is leveraging technology to reimagine banking and remove barriers to growth for MSMEs, which power more than 95% of Malaysia's economy. By combining inclusive financing through GX Business Banking with a suite of digital tools, the bank aims to help entrepreneurs save time and money, setting a new standard in the industry. Moreover, borrowers of the GX Biz FlexiLoan can earn interest charge reductions on their loan repayments. Since interest is calculated on a daily basis, early loan repayments result in reduced interest charges. The GX Biz FlexiLoan also comes with no hidden charges, ensuring transparency and fairness in the lending process. In essence, GXBank's new business banking platform and lending options are set to revolutionise the way MSMEs in Malaysia access financing and digital services. By providing flexible, affordable, and accessible solutions, GXBank is empowering businesses to thrive and grow, contributing to a stronger and more vibrant Malaysian economy.

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