The way forward-GXBank leads the charge in transforming the local banking scene

Whilst digital banking in Malaysia is still in its infancy, there is no doubt that it can act t as a bridge to offer services or lack thereof-to those who are financially underserved.

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This form of banking has led to greater financial inclusivity in many other markets and would help 55% of Malaysia's adult population deemed underbanked. There are many reasons for the gaps in financial inclusivity in the country.

Demographics aside (only 39% of Malaysians are deemed eligible for bank loans), geography also plays a part. Those with limited access to physical banking infrastructure have lost out on financial solutions, as have those with low financial literacy.

Digital banks recognise the key role that technology and data play in fulfilling the needs of the financially underserved. A case in point is South Korea's KakaoBank. The digital bank ingeniously integrated its financial services with the popular digital platform KakaoTalk, thus leading to rapid adoption and customer engagement of its services.

Revolutionary in many senses, digital banking changes the way we interact with financial institutions.