Banking GXBank - First Malaysian Digital Bank (by Grab), UNLIMITED 1% cashback+3% p.a. interest!
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 Oct 30 2023, 03:09 PM
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#1
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4,693 posts Joined: Jan 2003 
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[quote=genesic,Oct 30 2023, 07:17 AM]
quote=ikanbilis,Oct 27 2023, 10:23 AM] Download app and register yr name  [/quote] When can we know if we selected to be their Beta user or not? Anyone successfully open account? [/quote] Not so soon π€¦ββοΈ just wait until early next year |
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Nov 15 2023, 05:00 AM
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#2
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4,693 posts Joined: Jan 2003
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QUOTE(ronnie @ Nov 14 2023, 05:37 PM) Can TS rename to GXBank instead of GX Bank ? No one will quit π€¦ββοΈ only force to resign with dignity intact but for sure CTO will be the 1st to go if the tech doesnβt work well to attract users Let's see who will quit first... when the banks fails to attract depositors |
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Nov 15 2023, 06:39 PM
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#3
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4,693 posts Joined: Jan 2003
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QUOTE(genesic @ Nov 15 2023, 05:27 PM)  while many here waiting to be selected to be Beta User...so its ongoing now, i did update the Grab Apps but didnt see the GX symbol at the bottom.  look like i am not the lucky one. |
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Nov 24 2023, 11:47 PM
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#4
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4,693 posts Joined: Jan 2003
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QUOTE(Sitting Duck @ Nov 24 2023, 03:22 PM) Thank you. Just transfer out RM10 back to bank account and it's instant. Limited to 1st 20k account opening now Strange thing is that I did not get any email to be beta tester but I was able to create an account instantly. I did sign up for beta tester but didn't get any official email for creating an account. Created an account, bank in RM100. Received RM20 Activated Duit Now. Received RM8 Happy to get the promo. Enough for 2 meals.  QUOTE(dark_axl21 @ Nov 24 2023, 03:35 PM) I'd wished they given more interest compared to the 3.00% p.a. to encourage more deposits. They are benchmarking against the OPR π€¦ββοΈ hence they wonβt go any higher unless they have to cash to burn but unlikely because they have no other profitable way to increase their revenue unless they start offering lending products π€¦ββοΈQUOTE(ronnie @ Nov 24 2023, 03:45 PM) it's more than most savings account, just below RIZE (also PIDM protected) Possible but unlikely because MyKad is the primary identification in Malaysia  Would a Malaysian have no MyKad ? QUOTE(thankyou @ Nov 24 2023, 04:44 PM) it mentioned "and reside in Malaysia" but how do they trace that? Through MyKad π€¦ββοΈ and location setting in the app QUOTE(!@#$%^ @ Nov 24 2023, 05:49 PM) manual verification? apparently usually there's some AI that detect the percentage of similarity of ur face with ur IC, below which will be rejected. The onboarding software is Onodio and once that have submitted through it is through semi manual verification method π€¦ββοΈ and that is how they control 20k account opening limit |
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Nov 26 2023, 09:42 PM
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#5
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4,693 posts Joined: Jan 2003
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QUOTE(shawnme @ Nov 25 2023, 07:45 AM) That's another contradicting issue. On one hand, it says "we're now open to all Malaysians", but then you'll still end up on a waiting list. Just wait for your batch π€¦ββοΈ on the chip listQUOTE(brandonkl @ Nov 26 2023, 12:39 PM) CIMB is the most crappy and least-advance bank in Malaysia. Wait as they are still in the onboarding list for full duit now integration. π€¦ββοΈ most likely after new year Wanted to add my GX Bank as my DuitNow favorites but in their drop down list of banks, there is no GX Bank yet whereas HLB and PBB have it. Secondly, until today, CIMB has no ATM cardless withdrawal. I have no choice but to keep CIMB bank for official purposes. QUOTE(Sunshape @ Nov 26 2023, 02:54 PM) Then mah more money laundering activities? Not that easy for digital bank π€¦ββοΈ as the DD is very stringent and BNM wonβt easily dish out banking licenses unlike airlines licenseQUOTE(nexona88 @ Nov 26 2023, 06:01 PM) I'm sure they got people to monitor all these things... It is not backed by Singapore firm π€¦ββοΈ as the banking license issued to local berhad π€¦ββοΈ only thing is backed is technology used is the same as GXS Singapore Digital Bank is more risk, so they sure have plan properly one... And it's backed by Singapore Firm too... Which one of the high standards in banking... Malaysia banking license is strictly issued to wholly 100% local entity called A5-DB Operations (M) Berhad while Singapore GXS has Singtel as one of the big shareholders on it and you can tell from it the difference is the dataset is residing in Malaysia while actual architectures and app and operating servers are still based in Singapore This post has been edited by xander2k8: Nov 26 2023, 09:45 PM |
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Nov 27 2023, 01:33 PM
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#6
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Senior Member
4,693 posts Joined: Jan 2003
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QUOTE(Sunshape @ Nov 26 2023, 10:33 PM) I like the idea of savings pocket which you can set different goals. Rize by Al RajhiThe funds in main wallet is still entitling for 3% interest? Besides GX Bank, ada apa lagi is digital? QUOTE(Tronoh @ Nov 27 2023, 12:37 PM) After few weeks using it, here's my verdict. If you're looking for highest interest rate with basic current account feature and easiness to withdraw, TnG is a better option. GXSecure is meant to replace SMS OTP as BNM has mandated not to use OTP for transaction π€¦ββοΈ and instead in place using secure app authentication which is better in terms of security as only the user can initiate the authentication π€¦ββοΈIn terms of banking feature also, there's nothing really to brag about aside from maybe two things. First, GXSecure i.e. no SMS OTP which some banks still don't have this. Second, the Pockets feature where you can easily segregate money based on function/goals and still earn same interest rate as normal accounts. That being said, I can see myself using it in the future especially for the Pockets feature, which previously I need to use Excel to keep track. Yes, it's not the highest interest rate but I don't have 5 digits savings so I don't think the difference is significant. But this is just one digital bank, we'll see what other 4 can offer. |
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Nov 27 2023, 01:36 PM
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#7
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4,693 posts Joined: Jan 2003
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QUOTE(cybpsych @ Nov 27 2023, 01:25 PM) seems like GX Card already opened for application? Wait for the next app update π€¦ββοΈ but I doubt this year as it should be early next year by end Jan |
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Nov 27 2023, 07:08 PM
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#8
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4,693 posts Joined: Jan 2003
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QUOTE(Tronoh @ Nov 27 2023, 04:23 PM) It's just an announcement on the perks. Don't really care about 1% Cashback but some who only use debit card might like it. No ATM MEPS fee, no international transaction markup fee, and no international ATM fee are promising. Quite similar to SC Jump, with no conditions attached. BUT then they said the fees are waivable until end of 2024. maybe it's just legalese and extend the waivers forever, who knows... Unlikely the fees are waivable beyond 2025 π€¦ββοΈ as they will be losing money by then I still can't find the card section anywhere in the latest version of the app. Maybe they will roll out the same time as it opens the application to all. Currently even interest paid out are benchmarking at OPR levels so donβt think fees are not beyond 2025 because that is how they have to recoup their costs into profits Even TnG with its Visa card can only last 1year and then have start charging annual fee for it |
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Nov 28 2023, 04:39 PM
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#9
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4,693 posts Joined: Jan 2003
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QUOTE(poco loco @ Nov 28 2023, 05:14 AM) just got my invite and rm20 free You can compare KDI with GX π€¦ββοΈ as GX benchmark it against the OPR hence why 3%if only interest giv above 4% (kenanga is 4% atm) oh and gotten the rm8 switch was hoping for the card have a funtion to on/off (freeze) card like bigpay...then i can use fully and stop bigpay liao ohhhhhhhhhhh i understand the motive of that 3% aready.....basiclly is to fight conventional bank.. and not to fight those investment account bcause normal bank after u park a year only give little interest jer one more think thats odd i found out is.... even grab driver/rider app haven add gxbank as a withraw payment option on its app YET QUOTE(Natsukashii @ Nov 28 2023, 12:51 PM) Not yet as of now. Where you saw it is open for application? Annual fee is subject whether they got cash to burn or not π€¦ββοΈ in order to attract and get higher transaction figures from their customer spending Why only debit card users? Because it doesn't improve credit score? And credit card is much safer? TnG visa card already had annual fee mentioned during launch. This GX probably won't have annual fee for long time, but requesting new physical card might be card.. a one time fee. TnG wonβt and will not do it because they are too arrogant as they already have a majority capture in the ecosystem |
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Nov 30 2023, 10:13 AM
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#10
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QUOTE(thankyou @ Nov 29 2023, 07:36 PM) Compare to GXBank vs TnGo, which one giving better return? say if I have 10k to put deposit... Why limit to 10k π€¦ββοΈ when GX have PIDM protection up to 250kDonβt compare returns in GX π€¦ββοΈ when they are able to give out OPR rates |
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Nov 30 2023, 03:03 PM
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#11
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QUOTE(virtualgay @ Nov 30 2023, 10:26 AM) Just take how ever much benefits from GX Only good for those who maxed out in Versa and KDI π€¦ββοΈ or those who have excess money Not even worth to keep money there for 3% If you know how you can gain more than what you think π€¦ββοΈ because of the liquidity |
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Nov 30 2023, 05:10 PM
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#12
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QUOTE(vez @ Nov 30 2023, 04:54 PM) go fo grab app finance tab Not necessary π€¦ββοΈ you need to update to Grab version 5.281 onwards π€¦ββοΈ otherwise you wonβt see that GX payment method under GrabFinmine it takes 1 day to have it there let say today you create gx account tmr should be able to see it from grab app finance tab |
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Nov 30 2023, 05:11 PM
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#13
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QUOTE(virtualgay @ Nov 30 2023, 05:09 PM) RIze Not Rize π€¦ββοΈ because same cut off time for interest calculation with GX bankPlus why on earth you want risk moving money in and out often through Rize π€¦ββοΈ since it is buggy as it will lose your money in transit instead while paying transaction fee π€¦ββοΈ This post has been edited by xander2k8: Nov 30 2023, 05:13 PM |
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Nov 30 2023, 05:21 PM
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#14
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QUOTE(ericlaiys @ Nov 30 2023, 05:16 PM) rize promo end on 31 dec. System so unstable. everytime withdraw from pocket to main acc, sure timeout but transaction successful. Fun part is no transaction record. quite scary when using rize. not to forget on interest deposit issue by some user. let see tomorrow if many people complain on no interest deposit. GX is stable because they got dedicated team while replicating tried and tested system in GXS π€¦ββοΈ while Rize is outsource their backbone hence unstable gxbank is much more smooth and stable So far GX is much more pleasing albeit missing some important features which are coming soon and hopefully the interest will goes up once they have bigger DUM with more transactions and users |
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Dec 1 2023, 03:27 PM
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#15
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QUOTE(brandonkl @ Nov 30 2023, 11:40 PM) Looks like some local banks don't trust GX or suspicious about it. If you transferring that amount physically through counter π€¦ββοΈ a lot of questions will be asked I tried to transfer RM10k from HLB using GX app... received numerous error messages with some codes. I thought maybe HLB duitnow offline or maintenance issues. Then, I tried CIMB to transfer ... didn't go through and message came out that this transaction denied due to suspicious activity and expect a call from our officer soon. QUOTE(The1stHumanBeing @ Dec 1 2023, 12:40 PM) Well at least thatβs good for GX Bank. Managed to link it to Grab today; hope other basic services like DuitNow Scan and Receive functions be implemented within these few weeks. Patient as they are in the midst of integrating hopefully earliest by 1 Jan QUOTE(nexona88 @ Dec 1 2023, 12:44 PM) needed to monitor them for efficiencies.... few week to few month time.... Nothing to do with monitor π€¦ββοΈ because BNM already approved their POC π€¦ββοΈ it is more time for them to integrate the existing network which takes a lot of steps in the backend hence time which is why TnG Digital took almost a year just look at their rival Rize....really meltdown GG... all got problem  QUOTE(nexona88 @ Dec 1 2023, 01:13 PM) I suspect some kind of sabotage by Rize staff... Nothing to do with staff sabotage π€¦ββοΈ it is more on the app coding itself breaking down when the outsource doing the PMQUOTE(fruitie @ Dec 1 2023, 02:30 PM) My account was approved this morning. Just credited RM 100 into the account and got RM 20 instantly. Not bad. Cannot compare because not apples to apples as the former is a bank while latter is not  How is GX fare against Versa? QUOTE(ericlaiys @ Dec 1 2023, 03:11 PM) see first. JPJ also messed up already. waited 2 month to get my printed roadtax. app also crashed when people use JPJ didnβt load testing π€¦ββοΈ before open to public and assumed that they will be able handle the load like physical This is why never assume when moving from physical to digital thinking that they will be able handle π€¦ββοΈ when the fact it is not because it is more complex on digital side |
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Dec 1 2023, 05:38 PM
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#16
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QUOTE(virtualgay @ Dec 1 2023, 04:19 PM) u trying to sabo Rize? He is obviously π€¦ββοΈQUOTE(tehoice @ Dec 1 2023, 04:22 PM) tak da, i park my cash in KDI mostly, although above certain threshold only get 3.5% instead. Wait for GX as they will offer credit facilities but mostly likely BNPL with debit card i previously wanted to use Versa, but looking at the comments, I decided not to use it. But so far so good for KDI, still using it. now on this gxbank, wanted to try their gxcard, but too bad this is a debit card and not credit card, but if can get 1% cash back unlimited on every transaction, i think it is not too bad. QUOTE(nexona88 @ Dec 1 2023, 04:25 PM) nope... Not their staff π€¦ββοΈ it is outsourced with the bad coding lines π€¦ββοΈprobably their own staff did that... didn't get payment salary yet I guess  QUOTE(virtualgay @ Dec 1 2023, 04:30 PM) they can do better if they give 4.00% of interest no need 1st 5k 5% Wonβt give because they got money to burn π€¦ββοΈ you should be thankful they offering OPR rates without any costs markup to it π€¦ββοΈ |
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Dec 1 2023, 05:59 PM
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#17
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QUOTE(nexona88 @ Dec 1 2023, 05:49 PM) xander2k8 Unlikely sabotage π€¦ββοΈ because when they do PM and they forget either to migrate the routing for DuitNow π€¦ββοΈ the problems is only restricted to DuitNow so unlikely sabotage π€¦ββοΈ more to the problems of outsourcing not able to fix the Duitnow Integration and functionality π€¦ββοΈNot staff huh Then the outsource people that sabotage... Vendor didn't get payment yet It is not that easy to sabotage a bank π€¦ββοΈ as it strictly monitored and has to compliant to BNM set rules |
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Dec 1 2023, 08:01 PM
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#18
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QUOTE(nexona88 @ Dec 1 2023, 06:21 PM) probably needed to bring in IT expert from Singapore Most likely MasterCard integration hence why day time they do it π€¦ββοΈ nothing to GXS They only work during office hours.... No night work.. QUOTE(Barricade @ Dec 1 2023, 07:02 PM) Rookie bank. How to have confidence in them when they cannot even schedule midnight maintenance? They have already schedule a few midnight maintainence π€¦ββοΈ this round maintainence is live maintainence as they are integrating with external parties hence why they have to do it during the day as international integration π€¦ββοΈ nothing to do with scheduling midnight maintainence π€¦ββοΈ The1stHumanBeing liked this post
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Dec 1 2023, 08:02 PM
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#19
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QUOTE(Nicknamed666 @ Dec 1 2023, 07:09 PM) Really? When? Patient π€¦ββοΈ they will start digital version very soo. QUOTE(The1stHumanBeing @ Dec 1 2023, 07:27 PM) Officially no date is set for release, some in this forum speculate it would be released after Dec 3; but I wouldnβt have my hopes too high Likely will be digital version 1st while physical will be early next year The1stHumanBeing liked this post
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Dec 1 2023, 08:08 PM
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#20
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QUOTE(ericlaiys @ Dec 1 2023, 08:04 PM) i dont mind digital version first as 1st step. they can take own sweet time to print and get ready the card. Frankly speaking, they should just print name on the card. i dont find useful to print card number on the card. Digital era should just refer number on the app The reason why there is no name π€¦ββοΈ because debit card mandated to have no name but only account number which is printed on the back for security purposes when tapping as primary identification for card is using card numbers π€¦ββοΈ issued by the provider itself which is unique while name is not π€¦ββοΈ |
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