Grab-Singtel’s Digital Bank GXS Cuts Around 10% of Workforce Amid Operational Transition
Singapore, December 3, 2025 – Digital bank GXS, a joint venture between Grab and Singtel, is reducing its workforce by approximately 10%, amounting to 82 job cuts across its global operations. This move marks a significant shift for the bank as it transitions from its early-stage development phase into full-scale operational management, according to a note from GXS Group Chief Executive Lai Pei-Si.
Strategic Workforce Realignment
The recent cuts come after a comprehensive strategic review aimed at identifying roles critical for the next phase of GXS’s growth. This assessment spanned the bank’s subsidiaries – GXS Bank in Singapore, GXBank in Malaysia, and its technology centre in India. The roles deemed redundant were selected based on this strategic evaluation and not due to individual performance issues, Lai emphasized.
CEO Lai Pei-Si explained that “the roles that are essential as we move forward and focus on running the bank may be different from our build phase.” She noted that while the group has endeavored to streamline through natural attrition, particularly in Malaysia, the pace of internal restructuring in Singapore and India has been slower than initially anticipated, necessitating these layoffs.
Focus on Operational Efficiency and Customer Services
Since its establishment, GXS has achieved several key milestones, including the launch of retail and business banking services in Singapore and Malaysia. Lai highlighted ongoing efforts to introduce new products and services to customers, underscoring the bank’s commitment to evolving alongside market needs.
Amid these changes, the group is placing increased emphasis on consolidating its operational efficiency, defending its deposit base, and fostering greater customer loyalty, reflecting a broader industry trend among Singapore digital banks.
Support for Affected Employees
To ease the transition for impacted employees, GXS has committed to offering extended medical coverage for three months, career transition assistance, as well as counseling services. Severance packages, goodwill payments, and garden leave options will also be provided in line with prevailing market practices.
Leadership and Financial Overview
Lai Pei-Si took over as CEO in June 2025, succeeding Muthukrishnan Ramaswami, and previously led GXBank in Malaysia. Under GXS’s watch, the bank’s net interest income rose to S$30.2 million in the 2024 financial year, nearly doubling from S$14.9 million in FY2023. However, losses widened to S$214.3 million from S$208.2 million during the same period.
Digital Banking Landscape in Singapore
The job cuts reflect a broader recalibration in Singapore’s digital banking sector, where institutions are shifting priorities from aggressive customer acquisition to stabilizing their current clientele and enhancing product offerings such as credit cards, loans, and investments. Notably, GXS and fellow digital banks like Maribank have been actively promoting these financial products to boost customer engagement.
Interest rates on savings deposits across GXS, Maribank, and Trust have adjusted downward in line with decisions by the US Federal Reserve, illustrating the interconnectedness of global monetary policy and local banking operations.
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Keywords: GXS Bank, Grab, Singtel, digital banking, layoffs, workforce reduction, Singapore banks, GXBank, Malaysia, India tech centre, operational transition, CEO Lai Pei-Si, financial performance, customer retention.
This article is based on a report by The Business Times and is published with permission from SPH Media Limited.