Summary
GXS Bank (the Grab-Singtel digital bank) launched a credit card with unlimited cashback, entering Singapore's mainstream credit card market. Unlike its FlexiCard (no minimum income, S$500 limit), the GXS Credit Card requires S$30,000 minimum annual income. It differentiates by tying rewards to its parent ecosystems: up to 10% rebate in GrabCoins on Grab transactions and 1.75% on Singtel bills and other spending. Cardholders can link the card to the Grab app and apply from within it, monetizing the Grab/Singtel distribution and data. GXS enters after competitors Trust Bank and MariBank, and its FY2025 loss narrowed to S$208.1 million.
Key Points
- GXS Credit Card: unlimited cashback, min S$500 monthly spend; S$30,000 min income
- Differentiated from FlexiCard (no min income, S$500 limit)
- Up to 10% rebate in GrabCoins on eligible Grab transactions
- 1.75% rebate on Singtel bills and other transactions
- Link card to Grab app immediately; apply in Grab app
- CEO Lai Pei-Si: ecosystem data enables products "woven seamlessly into Grab and Singtel's user journeys"
- GXS FY2025 loss narrowed to S$208.1 million on higher income and lower costs
- Enters credit card space after Trust Bank and MariBank
- Strategy: ecosystem rewards loop keeps customers inside Grab/Singtel
- Reflects competitive intensity of Singapore digital-bank card market