GXBank is lowering its 3% interest rate & revising its 1% cashback programme
I’ve been an avid user of GXBank since the first Malaysian digital banking platform got its start last November.
Some of my favourite features that I always highlight when recommending the platform is the unlimited cashback of 1% when using the GXBank debit card. Another thing is the 3.00% p.a. daily interest rate that they offer.
Well, some important updates will be implemented that will affect these features.
According to an email from GXBank today (September 6), there are two changes that they will be doing as the digital bank turns 2 years old:
- The daily interest rate will be adjusted to 2.00% p.a. for their Main Accounts and Saving Pockets effective October 1, 2024.
- They will be “revising” The GXCard’s unlimited 1% cashback programme effective November 6, 2024.
It’s not clear what they will be revising the cashback programme to, whether that be removing it entirely or lowering the percentage.
They also did not comment on whether there will be changes to the zero ATM withdrawal fees and zero markups on foreign transactions that GX Card users have been enjoying. However, based on what they have shared previously, the waive is set to last until the end of this year (December 31, 2024).
You can’t please them all
On their Facebook announcement detailing these changes, some netizens expressed dissatisfaction over the changes.
Some pointed out that the new 2% p.a. interest rate is lower than many other options in the market, including offerings by traditional banks and digital banks alike.
As a comparison, AEON Bank is offering 3.88% p.a. profit rates while Boost Bank is even offering up to 4.0% interest rates under special conditions.
It is a shame that GXBank is lowering their interest rate, but that doesn’t diminish what they’ve achieved in the past year. GXBank shared that more than 800,000 Malaysians have earned almost RM29 million through their daily interest rates.
Plus, it’s important to note that GXBank has always been clear that the GX Card’s 1% cashback on transactions with no cap would only last until November 5, 2024.
Moving forward, GXBank will be working on new products such as its GX Flexi Credit, as well as financing solutions to support small businesses in Malaysia.
GX Flexi Credit, which was announced in August this year, is essentially a line of credit designed to offer financial flexibility to its customers.
The objective is to let users borrow with ease, paying interest only on the funds used. It’s also designed to be quick and hassle-free, with no need for paperwork and long waits for approval.
This product is not yet launched yet. Instead, GXBank is inviting Malaysians to join the waitlist on their website.
As a continual user of GXBank myself, I’m excited to see what’s next for the digital bank, even as these changes roll out. While the new 2.00% p.a. interest rate is less than ideal, I believe the new products in the pipeline are still worth keeping an eye on.
Also Read: 15 yrs of witnessing telco inefficiencies drove this duo to bootstrap RM100K to modernise it
Featured Image Credit: Vulcan Post / GXBank
We investigated FashionValet’s alleged “fire sale” with SSM reports, here’s what we found
FashionValet is no stranger to controversy, having been under fire in 2022 when it announced its pivot away from its own FashionValet fashion platform to focus on its inhouse brands dUCK and LILIT.
Recently, the business came under scrutiny again following an article by a newsletter called Asia Tech Review.
The platform claims that FashionValet “has been taken over by local investment firm NXBT Partners in a fire sale”.
According to Investopedia, a fire sale refers to a situation where securities are trading well below their intrinsic value.
The source that Asia Tech Review cites is Amanz, which reported about the sale in an article dated February 16, 2024.
Vulcan Post did reach out to founder and director Vivy Yusof for comment, but wasn’t able to get a response.
Given the lack of details and proof, we decided to purchase some financial documents from MyData SSM to verify the information ourselves.
1. NXBT Partners is owned by the CEO of TIME dotCom Berhad
Asia Tech Review and Amanz had reported that NXBT Partners is a personal investment vehicle owned by Afzal Bin Abdul Rahim.
To verify this, we purchased NXBT Partners Sdn. Bhd.’s company profile. Indeed, the company is wholly owned by Afzal Bin Abdul Rahim, who is none other than the CEO of TIME dotCom Berhad.
The nature of NXBT Partners is “Activities of holding companies”. A holding company typically exists for the sole purpose of controlling other companies.
A seasoned entrepreneur, Afzal is also a founding board member of Endeavor Malaysia and a senior independent director at CIMB.
2. NXBT Partners owns 2,513,467 ordinary shares in the company
According to the latest annual return of, which was filed June 2024, NXBT Partners is the major stakeholder of FashionValet Sdn. Bhd.
Out of the total shares of 4,904,325, the holdings company owns 2,513,467, which is 51.25%.
It was reported by Asia Tech Review and Amanz that NXBT Partners paid some “US$1.1 million” for those secondary shares.
We couldn’t find confirmation or additional details on when NXBT bought these shares and for how much, though.
Other shareholders include Vivy Yusof and husband Fadzarudin.
A number of corporate bodies also have a stake in the business. There’s Zozo Inc, a Japanese company that operates fashion online shopping sites.
A Bruneian company called Reussi also owns shares in the business. Proven Holding, the company owned by Vivy’s father Yusof Jusoh, is also a shareholder.
MyEG Capital is also a shareholder with 283,246 ordinary shares. MYEG Capital had actually given the company its seed funding of RM1 million in 2012.
As of the end of 2023, Khazanah Nasional still had a 9% stake in the business. But this is not reflected in Fashion Valet’s latest documents, implying that Khazanah sold their shares somewhere between December 31, 2023 and February 16, 2024 when the Amanz article was released.
According to Tracxn, Khazanah, along with Pulau Tiga Ventures and another company, had invested US$9.07 million into the business in 2018.
Reportedly, there was also a follow-on investment of US$2.99 million in this Series C round led by Pemodalan Nasional Berhad, another government-linked Malaysian investment management company.
According to Tracxn, the post-money valuation (valuation of a company after an investment is made) in 2019, after its Series C round investment would have been US$92.4 million.
But if it’s true that NXBT had paid US$1.1 million for 51.25% shares, that would’ve brought the valuation down to around, US$2,146,000.
3. FashionValet has an accumulated loss of RM127,576,371 as of the latest financial statement
So, how is FashionValet doing, though?
Well, for the financial year ended December 31, 2023, the business reported negative retained earnings, with a figure of -RM127,576,371.
Retained earnings are a firm’s cumulative net earnings or profit after accounting for dividends. So, this means that FashionValet has not made profit since the inception of the business.
This figure had been -RM83.4 million when we last investigated the company, for its financial year ending December 31, 2020.
As for their losses after tax, it was -RM34,508,166 for the financial year ended December 31, 2022.
This figure had been -RM12,371,305 for the financial year ended December 31, 2020.
For the financial year ended December 31, 2021, though, business seemingly improved somewhat, with a loss after tax figure of -RM9,625,559.
So, what?
Why is this a big deal, you may wonder? Businesses tend to rise and fall, and incurring losses is part and parcel of being an entrepreneur.
Well, since FashionValet’s pivot in 2022, many netizens’ complaints and sentiments have been similar. They’re dissatisfied with Khazanah’s decisions and performance.
For context, Khazanah Nasional is the sovereign wealth fund of the Government of Malaysia.
According to its website, Khazanah not only aims to deliver strong long-term risk-adjusted returns across their portfolio, but they also contribute towards the nation’s long-term competitiveness and prosperity.
“Ultimately, our activities and investments are anchored towards delivering long lasting impact towards a better Malaysia, responsibly,” they stated.
Understanding this, it might explain why Malaysians are scrutinising Khazanah—because it had invested a sizable amount in FashionValet, which allegedly may have seen a huge drop in its valuation. Meaning to say, Khazanah may have lost money because of this investment.
It’s important to note, though, that Khazanah actually reported a profit of RM5,890,000,000 for 2023. And in fact, a year after Khazanah invested in FashionValet in 2018, it had raked in RM7,360,000,000 in profits.
Ultimately, FashionValet is only one company under Khazanah’s portfolio. That said, some healthy scrutiny over the government-linked investment company is understandable.
However, in an email to Business Times, Khazanah defended its decision to support local founders and the Malaysian startup ecosystem, including its investment in FashionValet.
With all that said, neither FashionValet nor NBXT Partners have issued any statements or clarifications over the situation.
But judging by the documents we purchased, we can verify that NBXT Partners is now the major shareholder of FashionValet. With Afzal Abdul Rahim at the helm now, perhaps some changes in the business are in order.
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Following the events of the fire sale, more investigations have been opened into the finances of Vivy and her husband Fadzarudin, culminating in the couple being charged in court today over a criminal breach of trust (CBT) involving RM8 million.
The Star reported that, in their capacity as company directors, the couple has been accused of dishonestly making a payment of RM8 million from FashionValet Sdn Bhd to 30 Maple Sdn Bhd without the approval of FashionValet’s board of directors.
According to the charge sheet, Vivy and Fadzarudin were entrusted with the monies, which were investment funds from Khazanah Nasional Bhd and Permodalan Nasional Bhd, The Star added. Vivy and Fadzarudin plead not guilty to the CBT charges.
If they are convicted, the couple faces imprisonment of between two and 20 years, whipping, and a fine.
The court set January 22 for mention.
- Learn more about FashionValet here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: 15 yrs of witnessing telco inefficiencies drove this duo to bootstrap RM100K to modernise it
Featured Image Credit: FashionValet
More than profits: How this quirky hole-in-the-wall cafe in KL aims to build a community
Passing by Kampung Attap, you probably wouldn’t think much about the area.
There are old apartment complexes, neighbourhood businesses, and quiet streets that aren’t overly populated. Even parking is a breeze as there aren’t many visitors on a day-to-day basis.
But tucked in a corner is an unassuming-looking row of restored 1950s-era interconnected shophouses called Zhongshan Building.
Once housing the Selangor Zhongshan Association, it slowly fell into disrepair as previous tenants neglected it and moved out. That is, until 2017 when it was converted into an arts hub housing a close-knit community of creatives.
And located on the first floor (80A) is Piu Piu Piu, a rather hidden cafe that’s both casual yet intimate.
“They have to come and feel”
When I first reached out to Unagi, the operator behind the bar (as he likes to call himself), it took us a while to set up the email interview.
Even then, he kept his answers intentionally brief. I first thought this was his way of keeping a mysterious front for the business. After all, he’s been known by the nickname Unagi for 15 years now.
But the reasoning behind it was much simpler—“To know more [about Piu Piu Piu], they (customers) have to come and feel [the space].”
So on a bright Saturday afternoon, I did just that and paid the cafe a visit and properly understood what Unagi meant.
True to his description, Piu Piu Piu is a place for anyone who loves a break from the bustling city.
It might surprise you if you don’t look at the map, but Zhongshan Building is just a stone’s throw away from KL’s busy Chinatown.
This also makes it accessible for commuters who prefer taking the trains, which was how we found our way there. I recommend going on foot from the Pasar Seni train station because the routes are quite scenic and let you explore the city even more.
A mish-mash of childlike curiosities
You might be thinking, “What does ‘Piu Piu Piu’ even mean?” I had the same thought about Unagi’s choice of cafe name too.
“Work can be fun when you love it,” he replied candidly. During his childhood days, one of the happiest times was when he played with water guns. “We all make the sound effect, ‘pew pew pew’ while wetting each other.”
In that same light, he hopes to invoke a similar youthful sense of wonder and joy when people step into his cafe, which was certainly the case when we visited.
From the outside looking in, you’d be hard-pressed to not wonder how the cafe operates in such a compact space. Half the store was just the barista’s station while the other half was decked out with a wide array of trinkets and stools with small coffee tables.
Everywhere you turn here, you’ll find mismatching bits and bobs, posters, hand-drawn sketches, and merchandise from local artists.
There’s even a motorcycle helmet on the wall with a cutout of someone’s face plastered on. I’m not too sure who he is but the sight is amusing nonetheless.
It also perfectly captures the essence of the cafe, a space where odd mixes can come together with chaotic charm.
It’s about fostering real connections
Looks can be deceiving, though, because Piu Piu Piu isn’t as small as you think it is.
To the left of the barista counter is a door that leads you to the cafe’s outdoor section. This is where we took our seats and had a brief conversation with the soft-spoken Unagi to learn more about the space.
He explained that he intentionally opened Piu Piu Piu to be a small and quaint cafe. As such, you won’t find trendy tables or bedazzled decor. Even the tableware isn’t over-the-top fancy.
His focus is instead on creating a welcoming environment that lets you kick back and relax.
A large part of his inspiration came from Japan and their customer service culture. By having a little pocket of his own space, he’s able to foster a close relationship with his community of patrons. Most of them come from different backgrounds and range from 20 to 60 years old.
He also hopes visitors will take the time to disconnect from their gadgets and engage in conversation with one another.
Of course, he’s realistic as well. You can’t do what you love without some funds to run the business, and balancing passion and profits can be tough. But Unagi doesn’t mind the challenge. In his own words, “It’s hard but worth it.”
Of good drinks and company
As a coffee enthusiast, a good chunk of Piu Piu Piu’s menu consists of this caffeinated beverage. There’s the usual offerings like espresso, affogato, and mocha.
But Unagi doesn’t limit himself to just brewing up good coffee, something that he’s been doing at home for as long as he can remember.
Some of the cafe’s house specials are more tea-based. For example, there’s the Matcha-Nade (matcha lemonade) and Chrysanthemilk (chrysanthemum milk).
For treats, you could opt for some of the desserts that they have. These are usually cakes and are actually baked by Unagi’s friends who sell them to the cafe.
If you don’t feel like talking much, there’s also an art gallery “hidden” in the back section of the cafe. It’s called “The Back Room” and typically exhibits local artworks every couple of weeks.
Personally, I’d recommend finding a seat outside because as the day goes by, the sun changes the setting of the cafe. In turn, this changes the vibe and scenery of the space, giving patrons a more melancholic feel as the sun sets.
Our time at Piu Piu Piu was short-lived, but even then, I was able to understand Unagi’s vision for the space.
The man himself, however, remained as mysterious as ever, keeping his background under wraps, only disclosing that he had at least four years of local F&B experience prior to opening Piu Piu Piu.
But as he said, the best way to understand him and his business would be to personally visit his store, and hopefully, you’ll find him behind the bar to get more stories out of him.
Also Read: Think you have a winning company culture? Get awarded & recognised by TalentCorp Malaysia.
Featured Image Credit: Wirda Ashikin / Piu Piu Piu
Young S’poreans are proposing govt policies, here’s how you can share your views too
[This is a sponsored article with the National Youth Council.]
From uncertain economic conditions to climate challenges, the youths of today are grappling with an era of unprecedented crises that could significantly impact their future.
Yet, they may not get to participate in the very discussions that will shape their lives.
To give youths a voice in policy-making, the Ministry of Culture, Community and Youth and National Youth Council (NYC) set up the Youth Panels—a national initiative where young Singaporeans can step up and co-create policies with the Government.
What are NYC’s Youth Panels and what do they do?
Launched in November 2023, the Youth Panels brings together 120 youths aged between 15 to 35 years old with the aim of empowering them to delve into issues most pertinent to their generation.
Participants across four groups—#GreenHacks, #JobHacks, #LifeHacks, and #TechHacks—deliberated issues on environmental sustainability, careers and employment, financial literacy, and digital well-being respectively.
After nine months of research and engagement with key stakeholders, the Youth Panel members have developed and refined their preliminary policy recommendations.
They recently presented their recommendations at the Youth Policy Forum on August 24, which will soon be submitted to relevant government agencies. Here’s a glimpse of what they have proposed:
#GreenHacks
As climate change presents growing threats, one way Singapore is doubling down on its sustainability initiatives is by encouraging household recycling, with the broader goal of increasing the city state’s domestic recycling rate to 30 per cent by 2030.
Yet, the overall domestic recycling rate in 2023 has stalled at 12 per cent, the lowest in a decade. Among Singaporeans surveyed by the #GreenHacks panel, the difficulty in locating recycling bins and uncertainty over how to sort materials for recycling were cited as key barriers to recycling.
In response to these challenges, the #GreenHacks panel has suggested the introduction of simplified and standardised recycling labels and segregated recycling bins, where recyclables are separated by category.
Other countries have already seen success with standardised recycling labels. In the UK, the OPRL labelling system has streamlined processes and encourages accurate recycling—in fact, about three in four consumers recognise and act on the labels.
Meanwhile, a recent pilot trial of segregated smart recycling bins in Singapore managed to achieve a significant reduction in contamination rates, lowering them to just 5 per cent compared to the national average of 40 per cent.
These examples indicate that implementing the#GreenHacks panel’s recommendations could enhance domestic recycling rates, however, it necessitates a national effort. As such, the panel members have suggested enhancing Singapore’s community engagement efforts to increase awareness and public education on good recycling practices.
#JobHacks
Investments by large corporations and MNCs in Southeast Asian (SEA) countries are expected to boost economic growth in Singapore’s neighbouring countries.
This presents opportunities for Singaporean youths, many of whom recognise the value of gaining regional work experience and exposure. However, not all youths have the necessary tools and information to explore opportunities abroad—about 75 per cent of youths are unaware of career opportunities in SEA.
One way the #JobHacks panel aims to help young Singaporeans excel in the evolving job market by connecting them Singaporeans with professionals working overseas for mentorship and exposure to different perspectives and experiences.
Additionally, the #JobHacks panel has suggested the introduction of an education roadmap to increase students’ awareness of Southeast Asian culture, context, and opportunities. They have also recommended expanding regional exposure programmes to better help youths find meaningful opportunities abroad.
#LifeHacks
On the other hand, the #LifeHacks panel members are exploring the introduction of a Financial Literacy Excellence (FLEX) Guide—a customised resource containing curated information designed to guide youths through key financial decisions at important life stages.
But why is this crucial? In Singapore, at least three in five youths surveyed by the #LifeHacks panel raised concerns about the cost of living, particularly in areas such as housing, food, and healthcare—yet, at the same time, many of them also admitted to lacking good financial habits.
Financial literacy is key to building these habits; however, the survey highlighted significant barriers to financial education in Singapore. Only 40 per cent of the surveyed youths found existing financial literacy programmes useful and practical.
Additionally, about two in five people get their financial literacy knowledge from their family and friends, but only about half of that proportion found these sources reliable.
With the FLEX guide, Singaporean youths will be empowered to make more informed financial decisions.
The #LifeHacks panel also intends to explore a Starter Savings Plan to support lower-income Singaporeans in building emergency funds. This will complement existing efforts that support lower-income families and encourage saving behaviours to improve their financial well-being.
#TechHacks
The youths of today are digital natives—they were born into the digital era, growing up exposed to the continuous flow of online information.
While this offers numerous advantages, it also exposes them to various digital harms, such as cyberbullying and harassment. Though online redressal mechanisms are available, many youths surveyed by the #TechHacks panel did not find them effective.
To foster a “kinder, safer, and healthier” digital world, the #TechHacks panel proposed a multi-pronged approach that includes conducting a yearly survey on the state of online harms in social media among young Singaporeans. This allows for consistent data collection and analysis for specific insights on our youths.
The #TechHacks panel also suggested creating a life-cycle model of online harms—a concise and practical framework that can help youths navigate online harms. The guide will assist them in making better sense of their situation and identifying the appropriate resources to determine their next steps when faced with online threats.
Apart from this, the panel members are advocating for an accountability-based approach involving multiple stakeholders to enhance trust and safety on social media. They also emphasise the need to recognise youths as key stakeholders in digital policy recommendations to shape online spaces that are “youth by-design, and by-default”.
Join the conversation on building a better tomorrow
“Policymaking is an amalgamation of people’s hopes and desires,” said Darrius Tan, a #LifeHacks panel member. “After all, what is Singapore without our people?”
Your input is vital as the Youth Panels’ ideas move toward action. If you have any opinions on the outlined initiatives, there’s no better time than now to help our youths shape Singapore’s future by providing feedback on their recommendations.
Just click on this link to provide your suggestions to refine their ideas and join the conversation on building a better tomorrow.
- Learn more about the Youth Panels here.
- Read other articles we’ve written about Singapore affairs here.
Also Read: Sneak peek of Sandbox Somerset: This festival celebrates 100 youth founders aged 35 and under
Featured Image Credit: National Youth Council
