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Superapp Grab's digital bank launches instant loans in Singapore

Virtual lender GXS expands product line for gig workers and digital natives

GXS is offering personal loans of as low as S$200 on its app. (Photo courtesy of GXS Bank)

SINGAPORE -- Singapore-based GXS Bank, a virtual lender majority-owned by Grab, on Tuesday began offering instant loans from 200 Singapore dollars ($150) each as it aims to capture the market of gig workers and digital natives seeking flexible, accessible financial services. 

With just a few taps on the GXS app, borrowers can apply for loans with tenures as short as two months. They can pay back partially, or in full, as soon as they like without incurring early repayment fees, the digital bank said.   

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