GXS Bank Partners with Thoughtworks to Expand its Digital Footprint across Southeast Asia

GXS Bank Partners with Thoughtworks to Expand its Digital Footprint across Southeast Asia

Media contact:
Linda Horiuchi, global head of public relations
Email: linda.horiuchi@thoughtworks.com
Phone: +1 (646) 581-2568

Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation, announced partnering to simplify GXS Group’s launch of two digital banks in Singapore and Malaysia within a year of each other. Thoughtworks’ expertise was integral in helping GXS Group meet its goal of designing a modular technology infrastructure that can be scaled quickly across different markets.

Through the partnership, Thoughtworks and GXS Group have developed a seamless and highly secure digital banking mobile platform. This platform is the foundation on which GXS Group has built its suite of retail and business banking products for Singapore and Malaysia.

For its retail business, GXS Group was clear that there were certain product innovations that it wanted to introduce to the market at launch. For example, the GXS FlexiLoan, its flagship personal loan product in Singapore, needed to offer customers the flexibility to choose their repayment options.

A key customer proposition for the GXS FlexiLoan is the ability for GXS Bank to customize the loan offer to each customer, based on the Bank’s proprietary credit assessment model that uses both credit bureau data as well as a broader set of data from its ecosystem. GXS and Thoughtworks co-designed and built the technology infrastructure that enables these product innovations.

Designed for a regional digital bank strategy

A key cornerstone in GXS Group’s expansion plans in Southeast Asia is ensuring compatibility with regional ecosystems. Thoughtworks worked with GXS Group to ensure that what is built in each market can be easily scaled across markets, enabling the Bank to benefit from economies of scale and talent from its centres of excellence.

The Bank operates as GXS Bank in Singapore and GXBank in Malaysia. In Indonesia, GXS Group also works closely with Superbank, which shares the same parentage as GXS Bank, with Grab and Singtel among its shareholders. Superbank also leverages the same core banking system, data and product infrastructures which are used across the GXS Group.

"We have bold ambitions to improve financial inclusion and support economic growth for our customers across the region. For us to achieve this, we knew we had to be nimble and that our build had to be modular and scalable,“ said Rajat Malhotra, Chief Technology Officer at GXS Bank. “Thoughtworks is a pioneer in the field of agile frameworks, and its disciplined approach, understanding of best practices, and engineering principles have been a strong support for our engineering teams as we built and launched two new digital banks in two countries in the space of a year. "

"Over the past few years, banks have been aggressively adopting digital technologies to provide extraordinary banking experiences for customers," said Wayne Te Paa, Managing Director for Banking, Finance Services and Insurance, Thoughtworks Asia Pacific. “By enhancing GXS Bank's engineering culture and delivering a robust and scalable mobile platform solution, we are proud to have enabled GXS Bank to create and rapidly launch high-quality new digital banking services and accelerate their growth across the competitive Southeast Asia market.”

At the heart of Thoughtworks’ partnership with GXS Bank is the commitment to building an engineering culture that empowers the bank’s teams to create and launch high-quality products efficiently—bolstering their ability to innovate and respond to customer demands. Thoughtworks' Engineering Effectiveness approach, played a critical role in helping GXS Bank deliver robust solutions, including boosting engineering productivity, enhancing developer experience and driving cost efficiency.

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About GXS Bank

GXS Bank is a digital bank focused on making banking better for the everyday consumer and small businesses. This includes Singapore’s underserved individuals 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.

GXS Bank has a digital bank subsidiary in Malaysia, GX Bank. It also works closely with Superbank, a digital bank in Indonesia.

GXS Bank is not associated with Thoughtworks and its entities.

About GXS FlexiLoan

The GXS FlexiLoan is the first unsecured term loan offered by a bank in Singapore which enables customers to pay off their loan partially or in full without any early repayment fees, with the additional benefit of interest savings. More than 100,000 loans were disbursed within the first year of the launch, and six months later, the bank doubled the loans disbursed to 200,000. This accelerated loan growth reflects the mass appeal of the GXS FlexiLoan.

GXS Group has also won numerous awards for its suite of products and services, including Best New Digital Product of the Year award for the GXS FlexiLoan at The Digital Banker’s Global Retail Banking Innovation Awards in 2024.

About Thoughtworks

Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are over 10,000 Thoughtworkers strong across 48 offices in 19 countries. For 30+ years, we've delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.