GXS Bank Pte. Ltd (GXS Group), which comprises GXS Bank in Singapore and its Malaysian subsidiary, crossed the S$1 billion ($780 million) mark in loans last year, marking a 323% jump from 2024, the group announced on Tuesday.
Despite a wider lending pool, a dynamic that typically pressures credit quality in fast-scaling lenders, GXS, which is owned by Grab Holdings and Singtel, reported an improvement in its expected credit loss ratio, which fell to 4.6% from 6.8%.
Behind both metrics is the increasing use of transaction-level data from Grab Holdings across the full credit cycle.
In terms of loan disbursement, GXS’s growth remains closely anchored to its regional ecosystem, with the group saying that about four in five customers are also users of Grab, and nearly half of them have linked their Grab accounts, which enables transactions and repayments to be tracked across daily use cases such as ride-hailing, deliveries, and digital payments.
Improved credit quality is also a function of the ecosystem play, reflecting GXS’s use of transaction data from Grab to supplement traditional credit bureau inputs, enabling risk assessment based on income and spending patterns.
“By leveraging customer-consented alternative data from shareholders’ ecosystems, the Group has been able to create bespoke credit models, therefore successfully bridging the credit gap for ‘thin bureau’ or ‘new to bureau’ individuals and MSMEs, to help them build a healthy credit profile over time,” the banking group said.
The group also reported that its deposits rose 38% to S$2.3 billion despite a declining interest rate environment, as GXS leaned on yield optimisation to drive an 84% increase in net interest income.
On the cost side, expenses remained elevated, logging a cost-to-income ratio 313%, albeit lower than the 695% in 2024.
The banking group said its strategy focused on product-market fit and regional expansion.
In 2025, GXS Group scaled its retail and MSME banking offering across Singapore and Malaysia, with the launch of GXS Invest completing its consumer suite while business banking expanded to more MSMEs with access to deposits and unsecured credit. The acquisition of Validus in Singapore accelerated SME lending, while GXBank’s Malaysia pilot highlighted ecosystem integration, with most borrowers being Grab merchants.
GXS also deepened its regional footprint, injecting over S$54 million into GXBank in Malaysia and expanding its presence in Indonesia through its stake in Superbank, which was listed in December 2025 in an IPO oversubscribed more than 300 times.
Across the three major verticals of Grab Holdings, financial services remains the only unprofitable segment. The unit posted a segment-adjusted EBITDA loss of $110 million in 2025, slightly wider than the $105 million loss in the previous year.
