| Founded | 2021 |
|---|---|
| Closed | 2024 |
| Country | Singapore |
| Sector | Fintech |
| Collapse type | Zombie Startup |
| Founder | Reuben Lai |
GXS Bank (Grab-Singtel)
"Grab's digital bank dream burned SGD 300M chasing customers it already had in its app."
Technically alive but effectively dead, burning cash
Key Events Timeline
GXS Bank, the digital bank JV between Grab and Singtel awarded a Singapore MAS license in 2021, accumulated losses exceeding SGD 300M by end-2023 with fewer than 500,000 active accounts against a breakeven target of 2M+.
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