He explains that the business banking products and services would include GXS Biz Account, which provides daily interest of up to 2.68% per annum (p.a.) and GXS FlexiLoan Biz, which provides flexible loans with rates from 4.99% p.a. This will be beneficial to younger businesses that do not have access to unsecured lending, Shah adds.
Currently in the pilot stage with selected customers, GXS Bank is on track to launch its business banking solutions in the first quarter of 2025 in Singapore, before a progressive rollout in Malaysia and Indonesia.
In Singapore, the bank will first provide its business banking services to sole proprietorships and micro-businesses, typically underserved by traditional business banking services. As such, they generally have unmet financial needs including access to loans for business expansion, says group head of business banking Vishal Shah.
