GXS Bank, the digital lender backed by Grab and Singtel, has secured a fresh capital injection of US$60 million from its key shareholders, regulatory filings show.
According to Deal Street Asia, the latest infusion came from A-5 DV Holdings Pte Ltd and SFG Digibank Investment Pte Ltd, both subsidiaries of Grab Holdings, which subscribed to new ordinary shares on 15 September.
A-5 DV Holdings acquired 46.35 million shares, while SFG Digibank Investment picked up 30.9 million, filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) revealed.
This marks the third time in under two years that Grab has injected capital into GXS.
The Southeast Asian technology firm invested US$142 million in mid-2024, followed by another US$109 million in January 2024.
In total, Grab has now committed about US$311 million to the digital bank since the start of last year.
GXS is among the four firms awarded a digital bank license by the Monetary Authority of Singapore (MAS).
Under MAS rules, fully digital banks begin operations in a restricted phase, starting with a minimum paid-up capital of S$15 million (US$11.7 million) and deposit limits of S$75,000 per individual.
Over time, banks are required to grow their capital base to at least S$1.5 billion, at which point these restrictions are lifted, allowing them to compete directly with traditional retail lenders.
Grab’s most recent second-quarter earnings showed that financial services remains its only segment yet to achieve positive EBITDA.
Adjusted EBITDA losses for the financial services division widened slightly to US$26 million in the quarter, compared with US$24 million a year earlier.
In contrast, the mobility arm posted a positive adjusted EBITDA of US$164 million in Q2, up 8.7% from US$129 million last year, while the deliveries segment delivered US$63 million, compared with US$42 million in Q2 2024.
In Grab’s first-half 2025 briefing, President and COO Alex Hungate highlighted “strong loan disbursal growth” across GXS Bank in Singapore and GX Bank in Malaysia as the group scaled new product launches, noting that retail loan customer drawdowns more than doubled between March and June 2025.
Hungate added that Grab expects to exit 2025 with a loan book exceeding US$1 billion across its financial services business, including GXS Bank, and said the company is “on track to achieve adjusted EBITDA breakeven in the second half of next year” for the division.
Featured image credit: Edited by Fintech News Singapore, based on image by vector_corp via Freepik
