28th March 2025 - 3 min read
GXBank and Grab Malaysia have signed a Memorandum of Understanding (MoU) with Malaysia Digital Economy Corporation (MDEC), solidifying their shared commitment to accelerate the digital transformation of micro, small, and medium enterprises (MSMEs) across the country. This collaboration forms part of MDEC’s wider Business Digitalisation Initiative, aimed at empowering Malaysian businesses through inclusive and innovative digital solutions.
For GXBank, one of Malaysia’s three operational digital banks, the partnership is a significant milestone in its mission to build a financially resilient nation. With over one million Malaysian customers already onboarded, the bank now sets its sights on the MSME segment—an often underserved sector due to the rigidity and inefficiencies of traditional banking models.
According to Hildah Hamzah, Chief of Staff at GXBank, financial inclusion remains central to unlocking the full potential of MSMEs. She notes that outdated credit assessments and complex application processes have historically hindered growth, but GXBank is bridging these gaps by offering streamlined, tailored solutions. The bank is also currently piloting products with Grab merchants and plans to expand these services to the wider MSME sector in the coming months.
Hildah emphasised GXBank’s readiness to support government-backed financing schemes, asserting that digital banks are uniquely positioned to offer more accessible, efficient, and inclusive financial products. “By bridging these gaps, we empower MSMEs with the right access, opportunities, and support they need to thrive, scale, and contribute meaningfully to the nation’s economy,” she said. The partnership with MDEC will allow GXBank to deepen its collaboration with other like-minded industry players, driving sustained support for the sector.
Grab Malaysia, meanwhile, reinforced its commitment to the digitalisation journey of MSMEs, building on its long-standing role as a platform for inclusive growth. In 2023 alone, over 500,000 newly registered MSMEs across Southeast Asia accessed new customer bases via the Grab platform. In Malaysia specifically, merchant-partners contributed RM4.2 billion to GDP last year, according to a study by EconWorks. The GrabMerchant app, one of the platform’s key tools, offers businesses data insights that help them make smarter, customer-focused decisions.
Adelene Foo, Managing Director of Grab Malaysia, said the collaboration with MDEC marks a pivotal step in Grab’s mission to support local businesses in scaling sustainably through digital means.
“Digitalisation has long been a key driver of business growth. At Grab, we have been committed to empowering MSMEs with the right tools, insights, and financial solutions to scale sustainably,” Foo said. “Through this collaboration with MDEC, we look forward to further strengthening these efforts and reaching even more MSMEs across Malaysia, helping them grow and thrive in the digital economy.”
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
Comments (0)