Malaysia’s Grab-led digital bank GXBank has launched a suite of business banking products aimed at supporting micro, small and medium enterprises ( MSMEs ).

The offering, branded GX Business Banking, introduces two flagship products, the GX Biz Account and the GX Biz FlexiLoan, and is initially being aimed at sole proprietors. These products have all been launched under the lender’s Jaguh Niaga ( or Business Champions ) programme.

With the new platform, the bank hopes to remove traditional barriers to growth for small businesses by offering accessible financing and digital-first services.

The GX Biz Account allows entrepreneurs to open and manage a business account fully online in less than eight minutes, without having to file any physical paperwork.

The account, which has no monthly fees or minimum balance requirements, offers daily interest of 1% per annum, and ecosystem partners can earn up to 1.5% in bonus interest. Account holders also have access to round-the-clock customer support.

Meanwhile, the GX Biz FlexiLoan provides financing of up to 150,000 ringgit ( US$31,500 ) for qualified applicants. Those qualified, the bank points out, can have their loan applications approved “in minutes”, with repayment terms extending up to three years.

The loans themselves have no hidden charges, no penalties for early settlement, and interest charges can be reduced if borrowers make early repayments, with interest being calculated on a daily basis.

Under the Jaguh Niaga programme, the bank aims to empower at least 10,000 MSMEs nationwide by combining fully digital banking with tools to help entrepreneurs grow their businesses.

Other benefits of the programme include customer acquisition support through the Grab platform, HR management solutions and digital payment services.

“With GX Business Banking and the Jaguh Niaga Programme,” says Hildah Hamzah, the bank’s deputy CEO and COO, “we’re investing in MSMEs that power more than 95% of Malaysia’s economy.”

Prasanna Rao, the bank’s chief commercial officer for SMEs, adds that feedback from early pilot users, most of whom were Grab merchant-partners, has been promising, in that, they appreciate that approval for a business loan happens with minutes and then having instant access to cash. As well, their feedback has allowed for the fine tuning of several features, including improvements to credit models, approval speeds and fraud prevention systems.