GXS Group is working with global technology consultancy Thoughtworks toward the launch of two digital banks in Singapore and Malaysia within a year of each other.
The goal of GXS Group is to design a modular technology infrastructure that can be scaled quickly across different markets.
Through the partnership, Thoughtworks and GXS Group have developed a seamless and highly secure digital banking mobile platform. This platform is the foundation on which GXS Group has built its suite of retail and business banking products for Singapore and Malaysia.
For its retail business, GXS Group was clear that there were certain product innovations that it wanted to introduce to the market at launch.
For example, the GXS FlexiLoan, its flagship personal loan product in Singapore, needed to offer customers the flexibility to choose their repayment options.
A key customer proposition for the GXS FlexiLoan is the ability for GXS Bank to customise the loan offer to each customer, based on the Bank’s proprietary credit assessment model that uses both credit bureau data as well as a broader set of data from its ecosystem.
GXS and Thoughtworks co-designed and built the technology infrastructure that enables these product innovations.
A key cornerstone in GXS Group’s expansion plans in Southeast Asia is ensuring compatibility with regional ecosystems. Thoughtworks worked with GXS Group to ensure that what is built in each market can be easily scaled across markets, enabling the bank to benefit from economies of scale and talent from its centres of excellence.
“Banks have been aggressively adopting digital technologies to enhance customer experiences,” remarked Wayne Te Paa, Managing Director for Banking, Financial Services, and Insurance, Thoughtworks Asia Pacific. “Through our work with GXS Bank, we focused on strengthening its engineering culture and building a scalable mobile platform to support its digital banking expansion in Southeast Asia.”
The bank operates as GXS Bank in Singapore and GXBank in Malaysia. In Indonesia, GXS Group also works closely with Superbank, which shares the same parentage as GXS Bank, with Grab and Singtel among its shareholders. Superbank also leverages the same core banking system, data and product infrastructures which are used across the GXS Group.
“We have bold ambitions to improve financial inclusion and support economic growth for our customers across the region. For us to achieve this, we knew we had to be nimble and that our build had to be modular and scalable, “ said Rajat Malhotra, CTO at GXS Bank.
Thoughtworks’ Engineering Effectiveness approach, played a critical role in helping GXS Bank deliver robust solutions, including boosting engineering productivity, enhancing developer experience and driving cost efficiency.
