GXS Bank customers have an additional protection against scams with the launch of Money Lock
SINGAPORE, 22 August 2025 - GXS Bank today announced that it has enhanced its anti-scam protection measures for customers with the launch of Money Lock. GXS Bank’s Money Lock is a feature that enables its customers to ‘lock’ some or all of their savings through the GXS Bank app.
With Money Lock, GXS Bank customers can ringfence the funds in their Saving Pockets through their GXS Bank app, locking up to 8 Saving Pockets. They simply need to go into their Pocket’s settings to enable Money Lock. Their Saving Pocket will be locked immediately.
GXS Bank’s Money Lock feature is an extra protection that customers should use to protect themselves amid ongoing scam cases. According to the Singapore Police Force, more than S$53 million were lost to scams in Singapore in June 2025 alone. This included more than 600 cases and S$1 million lost to e-commerce scams. Such scams occur when fraudsters trick individuals into falling for a fake ad on social media platforms, such as demanding for pre-payment to view a rental unit.
Money Lock can enable GXS Bank customers to have peace of mind as they pursue their saving goals. Saving Pockets that have been “locked” will still earn daily interest and customers can continue to add funds to their Saving Pockets. Funds in the GXS Savings Account, including its Saving and Boost Pocket features, remain insured up to S$100,000 by the Singapore Deposit Insurance Corporation Limited.
Money Lock: a robust digital safe to protect customers’ savings
In designing the customer journey for Money Lock, GXS Bank researched the modus operandi of ongoing and trending scams in Singapore to ensure that its customers’ savings are safeguarded well.
For example, to thwart any impersonators trying to commit fraud, customers will need to schedule a video verification call with a GXS Buddy, the Bank’s customer support officers, to unlock their Saving Pocket. GXS Buddies are trained to identify signs of potential scams and how to advise customers from potentially falling prey to scams.
Following the video verification, the GXS Savings Account-holder will be notified via their registered email address to alert them that they have made a request to unlock their funds.
GXS Bank also implements a cooling-off period of 12 hours before the unlocked funds are transferred from the customer’s Saving Pocket into their Main Account. Any GXS Bank customers who suspect that someone else is trying to gain access to their funds can contact the Bank during the 12-hour cooling off period to cancel the unlock request and to keep their money safe.
Mr Shahzaib Hassan, Group Chief Technology and Product Officer, GXS Bank, said, “At GXS Bank we are purposeful in designing our banking experience with a degree of friction that we believe is necessary to keep our customers safe. It may sound counter-intuitive to add speed bumps into a digital experience but we do this because scammers often use urgency to scare or entice their victims into making a fraudulent funds transfer. By adding “breaks” throughout the funds transfer process, we hope to provide the time for our customers to consider and verify that the transaction which they are about to make is legitimate.
We strongly encourage our customers to make use of Money Lock as an additional layer of security for their GXS Savings Account. By securing a portion of their savings and limiting access to those funds, Money Lock serves as a practical defence for them. At the same time, we continue to urge our customers to stay vigilant so that they do not fall prey to scammers. One way that they can do this is to stay updated with scam trends, such as through our regular electronic direct mailers (EDMs) on security literacy or the ScamShield website.”
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About GXS Bank
GXS Bank is a digital bank focused on making banking better for the everyday consumer and businesses.
The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.
GXS Bank holds a banking licence issued by the Monetary Authority of Singapore. It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group.
As part of a regional network of digital banks, GXS Bank also works closely with GXBank, its digital bank subsidiary in Malaysia and Superbank, a digital bank in Indonesia.
For media queries, please contact:
GXS Bank
Maybelline Tan
comms@gxs.com.sg
GXS Bank Group CEO Muthukrishnan Ramaswami to retire
SINGAPORE, 14 May 2025 – GXS Bank today announced that its Group Chief Executive Officer (CEO), Mr Muthukrishnan Ramaswami (Ramu), will retire from the Bank on 31 May 2025. He will continue to serve as a Senior Advisor to the GXS Group.
GXS Bank’s Board of Directors have appointed Ms Pei-Si Lai, CEO of GXBank (the Malaysia subsidiary of GXS Bank), to succeed Mr Ramaswami. Ms Lai will step down as CEO of GXBank, and take up the role of GXS Bank Group CEO. Current GXBank Deputy CEO, Mr Kaushik Chowdhury, will succeed as CEO of GXBank. All appointments will take effect from 1 June 2025.
Mr Ramaswami joined GXS Bank in February 2023 and has been instrumental in building a strong foundation to support its ambition to become Southeast Asia’s digital bank. In addition to GXS Bank in Singapore and GXBank in Malaysia, the Group also works closely with Superbank, a digital bank in Indonesia that shares the same shareholders in Grab and Singtel.
As Group CEO of GXS Bank, Mr Ramaswami oversaw the completion of its regional technology, data and product builds. These have been critical in enabling the three digital banks to launch and scale in a span of three years.
Incoming GXS Bank Group CEO Ms Lai has been the CEO of GXBank since it received one of the five digital bank licenses in Malaysia in 2022. During her tenure, GXBank became the first digital bank to launch in Malaysia. Ms Lai also oversaw the successful launch of GXBank in November 2023, and in two weeks, welcomed its first 100,000 customers. Within a year, the bank grew to more than a million customers who completed over 124 million transactions, encompassing card transactions, interbank and intrabank transfers. GXBank also received various industry recognitions including Best Malaysian Digital Bank, Best Enterprise Governance, Risk and Compliance Implementation and Best Gen-AI Retail Product Initiative.
Together with Mr Ramaswami, Ms Lai most recently oversaw the acquisition of Validus Capital by GXS Bank. This is the first merger and acquisition deal by a digital bank in Singapore.
Mr Hsieh Fu Hua, Chairman of the GXS Bank Board said, “We are much indebted to Ramu for helping us build regional capabilities and infrastructure on which our group of digital banks can rapidly scale to serve customers in the region. We are also much appreciative that he leaves us with a strong leadership bench that will take our Group forward confidently.
“We are delighted to appoint Pei-Si to succeed Ramu as Group CEO. As a veteran banker with the unique experience of having launched Malaysia’s first digital bank, Pei-Si understands the tremendous impact that digital banks can bring to our communities. She has our unreserved support to fulfil our ambition of becoming the digital bank of Southeast Asia.”
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About GXS Bank
GXS Bank is a digital bank focused on making banking better for the everyday consumer and businesses.
The Bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.
GXS Bank holds a banking licence issued by the Monetary Authority of Singapore. It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group.
As part of a regional network of digital banks, GXS Bank also works closely with GXBank, its digital bank subsidiary in Malaysia and Superbank, a digital bank in Indonesia.
About GXBank
GXBank - regulated by Bank Negara Malaysia and protected by Perbadanan Insurans Deposit Malaysia up to RM250,000 for each depositor – is Malaysia’s first digital bank that commenced operation on 1 September 2023. With the majority of the workforce made up of Malaysians from both the finance and technology sectors, the bank aims to disrupt the current banking industry with customised innovative solutions that empower Malaysians to be financially resilient and support their financial goals.
GXBank is a subsidiary of GXS Bank and a consortium of other Malaysian investors, including Kuok Group.
For media queries, please contact:
GXS Bank
Maybelline Tan
GXBank
Hisyam Shamsuddin
