Cover Lai Pei Si, the CEO of GX Bank, Malaysia’s first digital bank
Lai Pei Si, the CEO of GX Bank, Malaysia’s first digital bank
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GX Bank Berhad CEO Lai Pei Si on societal financial disparities and fostering inclusivity for all Malaysians
High-income earners and city dwellers often take banking services for granted—luxurious lounges, advanced digital banking, proximity to branches and ATMs, faster service, and easier loan approvals. These benefits are less accessible to rural residents and people of more modest means.
This disparity was magnified during the pandemic, raising questions about equity in financial services and the potential long-term societal impacts of these gaps. Such was the situation that accelerated the push for digital banking services throughout Malaysia. Of the five digital banks that have obtained licences from Bank Negara, GX Bank is the first to go to market. Leading this is its innovative CEO, Lai Pei Si.
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Malaysia’s inaugural digital bank, Lai asserts, has always been guided by its mission to be purpose-driven. “We aspire to be the bridge for the underserved and build an inclusive financial landscape where everyone has access to services they require.” Lai and her team are dedicated to reinventing banking experiences for Malaysians who have been overlooked or underserved by traditional institutions.
“For us, the underserved refers to Malaysians and businesses that have limited or no access to useful and affordable financial products and services that meet their needs—transactions, payments, savings, credit, and insurance,” Lai elaborates. “Ultimately, we want to be able to provide an end-to-end digital engagement to enhance convenience and accessibility for Malaysians. The plan is to be a digital platform where Malaysians can manage their finances anywhere, anytime, without a physical branch.”
Above GX Bank aspires to be the bridge for the underserved and build an inclusive financial landscape
GX Bank aspires to be the bridge for the underserved and build an inclusive financial landscape
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The take-up rate has been positive so far. Within two weeks after its launch in late November 2023, GX Bank had its first 100,000 users. Shortly after the GX debit card launched, they welcomed their first 100,000 card users as well.
GX Bank’s signature initiative, “Pockets,” encourages saving habits by offering a daily interest rate of three per cent per annum on savings goals. This approach resonates with the findings of the RinggitPlus Malaysian Financial Literacy Survey 2023, which showed that Malaysians do want to save more but often struggle to do so.
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An alarming fact is this: over 55 per cent of adults in Malaysia lack access to affordable products and services that meet their needs (from a 2021 study by consulting firm Bain & Company). Lai and her team are determined to bridge this divide using cutting-edge technology and data-driven insights to develop tailored solutions that empower the underserved.
A graduate of the National University of Singapore, Lai has made her way to the forefront over her nearly 25-year tenure in financial services, spanning retail banking, wealth management, corporate finance, product and business management, and governance roles. She has amassed extensive expertise on customer centricity across both local and international markets, and brings this extensive experience and an innovative mindset to the digital bank, making her the ideal leader for redefining financial services in the digital age.
Above As a digital bank, GX Bank is born of tech with no physical branches
As a digital bank, GX Bank is born of tech with no physical branches
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“We see ourselves as a techfin company as opposed to a fintech company,” Lai explains. “We harness technologies such as AI, ML, cloud computing, and the power of data to innovate. It’s about leveraging data to tailor offerings such as advanced credit modelling, which resonates with each individual’s needs.
“If you want to challenge the status quo, you’ve got to unlearn,” Lai argues. “And then, as you learn and unlearn, you end up also relearning new things that you want to learn. [Through this process], we’ll be able to have the best chance to put things together.”
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GX Bank’s innovative spirit extends far beyond internal operations; the bank actively seeks out collaboration and partnerships that further its mission. From joining forces with Mydin and GoBarakah for financial inclusion programmes to partnering with Mastercard, Paynet, and Zurich to combat cybercrime, GX Bank leverages synergies to increase its impact.
Lai envisions a banking future where technology and digital innovations advance financial services towards an efficient yet equitable system, with automation replacing human labour for higher-value tasks. “Navigating the digital bank landscape unveils both challenges and exciting hope. Being in a new space often means uncertainty among Malaysians, but this puts us in the best position to educate—the aim is to foster trust and encourage proactive participation in ensuring their financial safety.”
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Photography: Fady Younis
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Lynette loves travelling and dancing to Latin music almost as much as she enjoys period films and pastry desserts. She is constantly in search of the perfect nude lipstick and finds her best ideas through walks in nature.
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As the Editor-in-Chief of Tatler Malaysia, Lynette leads the content teams for print, digital and social media platforms of the brand. She has over 20 years experience in media, having been editorial director and editor-in-chief for lifestyle titles such as Cleo, ELLE, Esquire, Men’s Health, and Women’s Health.
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