An investment product is on the cards for Grab and Singtel's digital lender GXS, even as tech giant Grab recently discontinued such services here.
GXS retail head Jenn Ong told The Straits Times that GXS Bank sees a market for a simple, low-risk product that invests in assets such as bonds.
This comes months after Grab pulled the plug on micro-investment products AutoInvest and Earn+, and said it was winding down GrabInvest as the business would not be commercially viable.
Rolling out investments will allow GXS, which debuted in August 2022, to earn fee income at a time when banks' uplift from high interest rates is fading.
Ms Ong said: "While we appeal to more people now, I still feel it's important that we don't lose focus of catering to thinly-served and underserved customers, and those who are new to the workforce.
"These people will need some form of an investment product. We want to put it in their hands." GXS currently offers a savings account, debit card and personal loan. In comparison, peer MariBank, backed by Sea, offers a savings and investment account for individual customers, as well as a business account and loan.
GXS said on April 3 that it has disbursed more than 100,000 loans since it launched its FlexiLoan about a year ago. It is aiming to double this volume within the next six months.
Customers have taken out loans of $2,700 to $3,000 on average, said Ms Ong, with the average amount growing by 30 per cent in the past six months.
FlexiLoan amounts begin at $200 and go up to a maximum of $100,000, while tenors range from two months to five years.
この記事は The Straits Times の April 03, 2024 版に掲載されています。
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この記事は The Straits Times の April 03, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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