GXS Bank, a digital bank owned by Grab Holdings and Singtel, has collaborated with technology consultancy Thoughtworks to support its digital bank launch in Southeast Asia.
Thoughtworks helped the bank design a modular technology that facilitates rapid scaling across different markets.
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This, according to the consultancy, was aimed at ease the launch of two digital banks in Singapore and Malaysia, within a year of each other.
Thoughtworks teamed up with GXS Group to ensure that solutions developed in each market are easily scalable, helping the bank leverage economies of scale as well as access talent from its centres of excellence.
GXS Bank operates in Singapore and Malaysia as GXS Bank and GXBank, respectively,
In Indonesia, GXS Group collaborates with Superbank, which shares the same parent company and the same core banking system, data, and product infrastructures.
The collaboration is said to have resulted in a secure digital banking mobile platform, serving as the foundation for GXS Bank’s retail and business banking products in the two markets.
For its retail business, GXS Bank introduced product “innovations” like the GXS FlexiLoan, a flagship personal loan product in Singapore.
This product enables flexible repayment options and customisable loan offers for customers depending on GXS Bank’s proprietary credit assessment model, which utilises credit bureau data as well as a wider set of ecosystem data.
The technology infrastructure enabling these innovations was co-designed and built by GXS Bank and Thoughtworks.
Thoughtworks also highlighted that its Engineering Effectiveness approach has been instrumental in improving engineering productivity and developer experience, and supporting cost efficiency for the bank.
GXS Bank Chief Technology Officer Rajat Malhotra stated: “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.
“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. “
