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Grab online bank leader Reuben Lai to step down • TechCrunch


Reuben Lai, managing director at GXS Bank, will leave this position later this year. First news Reported by Tech In Asia. Lai was the head of Grab Financial Group until May 2022, then the managing director and head of regional strategy at GXS Bank, a joint venture digital bank between Grab Holdings and the telecom company. through Singtel.

In a statement to TechCrunch, GXS Bank said: “GXS Bank (GXS) CEO and Head of Regional Strategy, Mr. Reuben Lai, have decided to leave the Bank at the end of 2022. Along with the resignation as chief executive Reuben will step down as director on the board of GXS in Singapore. He remains a director on the Board of Directors of the digital bank in Malaysia. “

Launched by Grab in 2018, Grab Financial Group has contributed to Grab’s journey from a ride-hailing service to a super app. Its digital wallet, GrabPay, is currently the leading digital wallet in Southeast Asia.

During his tenure at Grab Financial Group and GXS Bank, Lai focused on financial inclusion, told Bloomberg in 2021 that “we know that because of our many drivers, our merchants come to us and tell us they want to open a bank account, but they can’t. They want a working capital loan, but they can’t. What we want to do at Grab Financial Group is to make financial services more accessible and convenient in a very simple and intuitive way for as many consumers as possible.”

GXS Bank launched in August after Grab and Singtel fully licensed digital banking from the Monetary Authority of Singapore. It also holds banking license in Malaysia.

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