Of course not 🤦‍♀️ some would know about it anyways

How much debit can offer 🤦‍♀️ when it restricted to savings amount and the most is BNPL cashback only

1% cashback unlimited is attractive with some restrictions

Not that simple to sign on Google or Apple Pay 🤦‍♀️ even tiger bank took them more than 4 years to just to able to get Apple to agree to on board them

Paynet issue 🤦‍♀️ seems like the routing problem

Something broken in Duitnow 🤦‍♀️ since Dec 1 as their payload cannot handle 🤦‍♀️

They might suprise you 🤦‍♀️ with digital version in GX app which are able to scan with your phone on the terminal so just wait for the launch within coming weeks

Yes seems like Paynet issue 🤦‍♀️ and you have to blame BNM as they are the majority owner of it 🤦‍♀️

not surprising if indeed true...

because almost every month same shit...

because salary time, traffic load is higher

I think too many pple try to register and jam up the system. I registered yesterday, took almost 2 hours for approval. After than bank in RM100, immediately rebate RM20. Registered duitnow get RM8 too. I think must be patience enough to register this new account 😂. I immediately chat with GX Bank when I submitted my application and no instant approval. Thought my ID not clear or what. The CS very patient to ask me wait. 😂

Let's approach this from a different angle. If you're aiming for a consistent daily return of 100.00, and assuming a fixed interest rate, you can determine the initial deposit needed using the formula for daily interest:

\[ \text{Daily Interest} = \frac{\text{Principal Amount} \times \text{Annual Interest Rate}}{\text{Number of Days in a Year}} \]

Given that you want a daily interest of 100.00 and assuming a 365-day year, let's solve for the principal amount:

\[ 100.00 = \frac{\text{Principal Amount} \times 0.03}{365} \]

Solving for the principal amount:

\[ \text{Principal Amount} = \frac{100.00 \times 365}{0.03} \]
\[ \text{Principal Amount} \approx 1,216,666.67 \]

Therefore, to receive a clean 100.00 return daily at a 3% annual interest rate, you'd need an initial deposit of approximately 1,216,666.67 units of your currency. Achieving such high daily returns typically involves high-risk investments, and finding guaranteed returns at this level can be extremely challenging through traditional financial instruments. Always be cautious and seek professional advice before pursuing investments promising exceptionally high returns.

Usually month end and early of the month system will breakdown 🤦‍♀️ and with digits banks it might make worse

2 hours considered fast because if you compared with Rize is even worse 🤦‍♀️

No need to calculate 🤦‍♀️ as BNM would have calculated such before with the OPR 🤦‍♀️

all right. they should atleast offer 5 %

where are you now? Australia OR malaysia?

Cannot compare that way 🤦‍♀️ when Australia is tier 1 country under Apple and Google country classification🤦‍♀️ so nothing to do but whether Apple and Google thinks it is profitable to onboard Malaysian banks

Cannot compare this way 🤦‍♀️ when Malaysia OPR is 3% and Singapore cash rate is at 3.75% 🤦‍♀️

Won’t offer that high in the 1st high 🤦‍♀️ you should be thankful that they are not calculating their operation costs while giving you OPR rates

This post has been edited by xander2k8: Dec 2 2023, 03:58 PM

Don’t forget that in Australia is 10% GST across the board including petrol 🤦‍♀️ while Malaysia petrol is subsidised and many essential items are subsidied while paying lower SST with many exemptions in place

what operating cost. Digital bank structure suppose be lean and agile.

NOT backward.

Digital banks still got operating costs 🤦‍♀️ like infrastructure and customer servicing costs 🤦‍♀️ the only thing is that digital banks doesn’t have its physical presence costs and low manpower costs

No such thing as free lunch 🤦‍♀️ as even Tech Giants like Mag7 has costs running the business so nothings is free of costs otherwise why do you think there is subscription fee for certain services 🤦‍♀️ particularly premium service

This post has been edited by xander2k8: Dec 2 2023, 04:34 PM

I know there is no free lunch.

The only free lunch you can get is the unlimited 1% cash back debit on spending with some exceptions hence that is where GX is smart in capturing the market unlike TnG 🤦‍♀️ which gives you points that is expiring

true.

thus whats the scene for 2024? GX best bank for 2024?

Not the best bank 🤦‍♀️ but probably best digital bank

They got first mover advantage while the other 4 wait and see

Boost should be quite soon after these because they are supposed to launch by this year end

This post has been edited by xander2k8: Dec 2 2023, 04:49 PM

mmm you seem knowledge-able in this niche.

What I foresee is there is too many "app/fintech-service/etc" in a small ecosystem in Malaysia. And bank negara does seem to "purge" any of them via consolidation.

Competition is good for consumers. Later one player too big to fail need government bail out.

In fact not too many 🤦‍♀️ look at the EWallet providers how many of them have survive when they issued to about 10 providers

In fact the size is right with 5 digital banks 🤦‍♀️ as there are too many conventional banks around which BNM will not and should interfere because it’s survival of the fittest

BNM will only steps in last resort to force via merger or consolidation as they did before with major anchor banks buying which is why you would see big 4 banks in Malaysia now

And if it’s app doesn’t means it is FinTech 🤦‍♀️ as it is only FinTech if it licensed and able to do monetary transactions through the app with licensed by BNM with different categories

For example Boost, TnG Digital and Grab under emoney license 🤦‍♀️ while GX and the upcoming BoostRHB are actual digital bank license and you can actually store money like a conventional bank except it is digital run bank with proper PIDM protection up to 250k

This post has been edited by xander2k8: Dec 2 2023, 07:46 PM

GXbank doesn't have the function to "save account as favourite" to transfer funds yet right?

Nope. That is the missing part right now