Digital bank GXBank has updated its sign-up offer for new customers, with some changes to the rewards provided. Already in effect, the revised introductory promo will run until 29 February 2024.

Under the previous promo – which was offered when GXBank officially introduced its app and banking services to all Malaysians – individuals who sign up for a GX account and make a minimum deposit of RM100 will be entitled to an instant cashback of RM20. This is on top of additional benefits like another RM8 cashback that can be earned when you link your DuitNow ID with the GX account, and up to RM29.40 GrabUnlimited subscription cashback (6x RM4.90) by linking your GX account with your Grab account.  

Following this revision, users who open a GX account and deposit a minimum of RM88 into their new account will now get RM8 cashback via the app, instead of the initial RM20 cashback with a minimum RM100 deposit. Once your deposit is successfully made, this one-off reward will be credited instantly into your GX account, although GXBank did also note that in exceptional cases, the crediting could take up to two weeks.

Moreover, GXBank clarified that customers who had successfully claimed the previous one-off RM20 instant cashback will not be eligible for this new offer. Other new user perks, meanwhile, remain unchanged – you’ll still receive RM8 cashback when you link your DuitNow ID with your GX account, and the GrabUnlimited subscription cashback of up to RM29.40 when you link your GX account and Grab account.

GXBank is Malaysia’s first digital bank to launch, with facilities like its goal-based savings feature, Pockets that lets you earn daily interest of 3% p.a.. It is also expected to roll out its GX Card sometime this month, which will offer unlimited 1% cashback for a variety of daily expenses.

Aside from GXBank, Malaysia is also set to see more digital banks in the market soon, as Boost Bank and AEON Bank have both recently received the green light from the relevant authorities to commence operations as well. In total, Bank Negara Malaysia (BNM) had approved five successful applicants back in April 2022 for the digital banking licences; this means that we are waiting on two more applicants to receive approval to begin operating in the country.

(Source: GXBank)

• TAGS:
• Bank Negara Malaysia
• BNM
• Digital Banking
• Digital Banking Licences
• Digital Banks
• GrabUnlimited
• GX Account
• GX Card
• GXBank
• GXBank Debit Card