Digital bank GXS cuts 82 jobs across the group, about 10% of its workforce
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The cuts follow a strategic review in all three markets. GXS Bank works closely with GXBank, its digital bank subsidiary in Malaysia, and has a tech centre in India.
ST PHOTO: GIN TAY
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SINGAPORE – Digital bank GXS, which is backed by Grab Holdings and telco Singtel, is cutting 82 jobs across the group. That works out to about 10 per cent of roles which have been made redundant, group chief executive Lai Pei-Si said in a message to employees on Dec 3.
The cuts follow a strategic review in three markets, Malaysia, Singapore and India. GXS has a subsidiary GXBank in Malaysia and a tech centre in India. It operates as GXS Bank in Singapore.
The Straits Times understands that the digital bank has managed to right-size organically in Malaysia, meaning it did not backfill roles that have been vacated. However, the pace of right-sizing was slower than expected in the other two markets.
Ms Lai said the digital bank had been trying to reshape the organisation organically over the past year and a half.
“For example, we have only backfilled vacated roles that we believe are essential for the group for the years ahead.
“We have also regionalised our core capabilities, such as data, product and technology, to improve collaboration and scale our product innovation across multiple markets,” she added.
The review identified roles that are critical and essential for GXS to grow further. It is now cutting roles that have been made redundant as a result of the review and not because of any individualʼs performance, she said.
Ms Lai further noted that as GXS continues to grow its business across the region, it is moving from building the bank to running it.
“The roles that are essential as we move forward and focus on running the bank may be different from our build phase,” she added.
GXS said impacted employees will be provided with the financial, professional and medical support that they need during the transition period such as:
Severance and goodwill payments;
Extended medical coverage for three months;
Career transition support and counselling services; and
Garden leave so affected staff have the time and space to look for a new job.
The digital bank incurred a net loss of $214.3 million in its most recent financial year ended Dec 31, 2024, widening from a loss of $208.2 million in the previous financial year.
It is one of three digital banks serving retail customers in Singapore. The other two are MariBank, which is wholly owned by gaming and e-commerce firm Sea Group; and Trust Bank, which is 60 per cent owned by Standard Chartered Bank and 40 per cent by the enterprise arm of NTUC.
