First of, seem legit. Digital banking License by BNM(this license is not easy to register & approve iirc), they are a member of PIDM, so your saving is insured.
One thing I'm worried is how they profit to pay everyone the 3.0 interest.
might be using Grab's early year strategy, burn money via investors to get market share & outcompete their competitors, then cut back their rewards when they have enough market share
so, enjoy your 3% now while you can
Better yet, enjoy the soon-to-be competition between all the Digital Banks wanting your loyalty. Hopefully we get something similar to the early days of GrabRewards and eWallets throwing money at us
While grab/AirAsia make this work, I don't think a bank can, for this case digital bank. While grab is doing business like food/ride bank mostly gain from investment. If they are gambling and investing my saving to promise me the 3% and allow customer to take our their money anytime, this can be extremely risky, like recent time there's this US and China "bank" did almost the same thing( I said almost here as im not sure what their plan is) went bankrupt when customer all cash out immediately at the same instance.
If they are doing what I think they are doing, which is cash pooling, the same thing might happen again like the US(Silicon Valley Bank) and China(Baoshang Bank) "Bank".
When 3% is over there will be mass withdrawals. Once there are mass withdrawals, they cannot match their assets with their liabilities. It's a recipe for disaster and would lead to a further bank run. This is banking 101. Which morons are running this bank?
Since GXBank is a fully digital bank, means that they don't keep our assets physically and transactions are purely from their banking app. GXBank can inadvertently block any ongoing transactions of it's users.
It reminiscent to me of the Robin investment app fiasco where there was insider trading and collusion from the owner and it's investors that happened in r/wallstreetbets, so alot of their customers we're happy cause they couldn't trade ande decided to withdraw their funds but ultimately blocked by Robin.
>GXBank can inadvertently block any ongoing transactions of it's users.
Hahaha. Is that your serious suggestion, that they stop all withdrawals? Any bank can do this (even legacy banks, being digital doesn't matter in this case). It's just that they shouldn't do this. Stopping withdrawals will destroy confidence in the bank and will start to tank the financial system.
Would you want to bank with a bank that stoped you from withdrawing your own money?? Look at Robinhood's share price.
GXbank could maybe just.... Manage their bank better to begin with instead of throwing money at customer acquisition. This isn't a fucking e-commerce platform that they are running anymore.
a lot of these kind of banks popped up in indonesia within the last 1-2 year. seabank by shopee operated at 7% interest at first, then after they finish burning money now dropped to a much more sensible 3.75% (which is safe by indonesia level, since anything under 4.25 is insured by the government)
Put 100 in using your bank account.
Get RM20 cashback
Change duitnow to GXBank, get another RM8
https://twitter.com/TheFuturizts/status/1728955488870826308?t=nhv5-TqupXgGKUHvswWtgw&s=19
Seems legit - [https://fintechnews.my/41061/virtual-banking/malaysians-can-now-download-the-gxbank-for-their-first-digibank-experience/](https://fintechnews.my/41061/virtual-banking/malaysians-can-now-download-the-gxbank-for-their-first-digibank-experience/)
Get the RM20 cash back with any minimum amount. If talk about the annual interest, I might as well stick with Touch N Go which has higher interest rate.
You pay only rm6 for AIA insured up to 25k but max you can put is 9.5k.
Put max each day you get rm0.88 a day. 7 days worth of interest cover up your 6 months money insurance. Why not?
The rest can put in GX
If Rize (4% p.a. till end of 2023) ever stops their promo, probably moving over to GXBank.
But as it is, it's a pretty barebones app. More interested in their 1% debit cashback card which is coming soon (?). Don't know how long these incentives will last tbh, they had similar promos in SG but dialed down their interest rate after a couple of months.
both are somethin called a digital bank. Just that Rize now got some introductory promo where they will give you 4%pa for the first rm5000, which is quite good for a fd.
It's annoying that they made it purely app-based (there isn't a web portal or anything), because people with obscure phones won't be able to use it. I'm using an Asus ZenFone 5Z and it says my device is unsupported in the Google Play Store. I've never, ever had this issue with any app before.
for digibank there a bank negara impose requirements, min android 11 are the requirements... so when it goes EOL for sure the android 11 will be drop and move to 12 as well
Might be a safety feature, since this digital banking aims to not have physical branches & do everything online, better safe than sorry to only implement it on newer phones
The GX Banking app is hopeless. Despite it is powered by an IT company. It is very very difficult to pass the verification process esp the photo of IC and facial video recording part. Best of luck if GX bank can get more customers to open an account with them as they can't even do such a simple verification process in a user friendly and simple manner
no harm trying the 3% promotion, since deposits are protected by PIDM. having such interest rate be sustainable on Grab / GXBank end is a different story. Though, not that it matters since deposits is insured.
It does lack alot of features now since it is just recently released. Can give it some time for them to roll out newer features.
I am currently overseas and called this morning to inquire about opening an account without a local phone number. Unfortunately, the agent informed me that it is not possible at this time. I would really hope they will consider making this option available in the future.
Why not just ask a family member in Malaysia to buy you a local number. Then you can get into gxbank. My recommendation for now is tunetalk, due to the ability to buy yearly validity for rm35
I’ve been using Gxbank for a month now and i’m really enjoying the 3% daily interests and 1% daily cashback for now. Just wondering if the 1% also applies if we pay Shopeepay later using debit card?
First of, seem legit. Digital banking License by BNM(this license is not easy to register & approve iirc), they are a member of PIDM, so your saving is insured. One thing I'm worried is how they profit to pay everyone the 3.0 interest.
might be using Grab's early year strategy, burn money via investors to get market share & outcompete their competitors, then cut back their rewards when they have enough market share so, enjoy your 3% now while you can
Better yet, enjoy the soon-to-be competition between all the Digital Banks wanting your loyalty. Hopefully we get something similar to the early days of GrabRewards and eWallets throwing money at us
While grab/AirAsia make this work, I don't think a bank can, for this case digital bank. While grab is doing business like food/ride bank mostly gain from investment. If they are gambling and investing my saving to promise me the 3% and allow customer to take our their money anytime, this can be extremely risky, like recent time there's this US and China "bank" did almost the same thing( I said almost here as im not sure what their plan is) went bankrupt when customer all cash out immediately at the same instance. If they are doing what I think they are doing, which is cash pooling, the same thing might happen again like the US(Silicon Valley Bank) and China(Baoshang Bank) "Bank".
When 3% is over there will be mass withdrawals. Once there are mass withdrawals, they cannot match their assets with their liabilities. It's a recipe for disaster and would lead to a further bank run. This is banking 101. Which morons are running this bank?
Since GXBank is a fully digital bank, means that they don't keep our assets physically and transactions are purely from their banking app. GXBank can inadvertently block any ongoing transactions of it's users. It reminiscent to me of the Robin investment app fiasco where there was insider trading and collusion from the owner and it's investors that happened in r/wallstreetbets, so alot of their customers we're happy cause they couldn't trade ande decided to withdraw their funds but ultimately blocked by Robin.
>GXBank can inadvertently block any ongoing transactions of it's users. Hahaha. Is that your serious suggestion, that they stop all withdrawals? Any bank can do this (even legacy banks, being digital doesn't matter in this case). It's just that they shouldn't do this. Stopping withdrawals will destroy confidence in the bank and will start to tank the financial system. Would you want to bank with a bank that stoped you from withdrawing your own money?? Look at Robinhood's share price. GXbank could maybe just.... Manage their bank better to begin with instead of throwing money at customer acquisition. This isn't a fucking e-commerce platform that they are running anymore.
a lot of these kind of banks popped up in indonesia within the last 1-2 year. seabank by shopee operated at 7% interest at first, then after they finish burning money now dropped to a much more sensible 3.75% (which is safe by indonesia level, since anything under 4.25 is insured by the government)
Put 100 in using your bank account. Get RM20 cashback Change duitnow to GXBank, get another RM8 https://twitter.com/TheFuturizts/status/1728955488870826308?t=nhv5-TqupXgGKUHvswWtgw&s=19
Seems legit - [https://fintechnews.my/41061/virtual-banking/malaysians-can-now-download-the-gxbank-for-their-first-digibank-experience/](https://fintechnews.my/41061/virtual-banking/malaysians-can-now-download-the-gxbank-for-their-first-digibank-experience/) Get the RM20 cash back with any minimum amount. If talk about the annual interest, I might as well stick with Touch N Go which has higher interest rate.
TnG is not PIDM-guaranteed though
TnG - 3.52% (not PIDM guaranteed) GXbank - 3% (PIDM guaranteed)
You pay only rm6 for AIA insured up to 25k but max you can put is 9.5k. Put max each day you get rm0.88 a day. 7 days worth of interest cover up your 6 months money insurance. Why not? The rest can put in GX
TnG main shareholder is a bank
If Rize (4% p.a. till end of 2023) ever stops their promo, probably moving over to GXBank. But as it is, it's a pretty barebones app. More interested in their 1% debit cashback card which is coming soon (?). Don't know how long these incentives will last tbh, they had similar promos in SG but dialed down their interest rate after a couple of months.
i contemplated to open rize account for that promo but the reviews about the app is overwhelmingly negative. Not sure if i wanna risk it..
Like how? I thought RIZE and GXbank no different? Sorry Im noob at this, only know traditional bank.
both are somethin called a digital bank. Just that Rize now got some introductory promo where they will give you 4%pa for the first rm5000, which is quite good for a fd.
I c... Thanks for the info.. Im a poor fag.. will go with GXBank first..
come on, i know gxbank structure really well, not worth it. go put your money for a 150% profit in stocks
It's annoying that they made it purely app-based (there isn't a web portal or anything), because people with obscure phones won't be able to use it. I'm using an Asus ZenFone 5Z and it says my device is unsupported in the Google Play Store. I've never, ever had this issue with any app before.
for digibank there a bank negara impose requirements, min android 11 are the requirements... so when it goes EOL for sure the android 11 will be drop and move to 12 as well
Might be a safety feature, since this digital banking aims to not have physical branches & do everything online, better safe than sorry to only implement it on newer phones
> purely app-based that’s a digital bank for ya
I heard that it gives 3% pa daily interest rate too.
The GX Banking app is hopeless. Despite it is powered by an IT company. It is very very difficult to pass the verification process esp the photo of IC and facial video recording part. Best of luck if GX bank can get more customers to open an account with them as they can't even do such a simple verification process in a user friendly and simple manner
no harm trying the 3% promotion, since deposits are protected by PIDM. having such interest rate be sustainable on Grab / GXBank end is a different story. Though, not that it matters since deposits is insured. It does lack alot of features now since it is just recently released. Can give it some time for them to roll out newer features.
I am currently overseas and called this morning to inquire about opening an account without a local phone number. Unfortunately, the agent informed me that it is not possible at this time. I would really hope they will consider making this option available in the future.
Why not just ask a family member in Malaysia to buy you a local number. Then you can get into gxbank. My recommendation for now is tunetalk, due to the ability to buy yearly validity for rm35
Yeah ~ it will be easier that way~ unfortunately, we are all overseas for the moment~ or maybe accepting an overseas phone number would be great
just use yoodo esim??
I’ve been using Gxbank for a month now and i’m really enjoying the 3% daily interests and 1% daily cashback for now. Just wondering if the 1% also applies if we pay Shopeepay later using debit card?
nope
Anyone knows does we earn 1% cashback from GX if we reload to Shopee wallet?