Singapore’s GXS Financial institution has reported that its GXS FlexiLoan programme has facilitated S$4 million in curiosity financial savings for its prospects over a 12-month interval since its launch in April 2023.
The financial institution, a part of the Seize-Singtel digital financial institution consortium and licensed by the Financial Authority of Singapore (MAS), has issued over 100,000 loans within the yr following the programme’s introduction.
The GXS FlexiLoan differentiates itself by calculating curiosity every day, based mostly on the excellent mortgage steadiness, which deviates from the extra widespread apply amongst banks of month-to-month curiosity calculations.
This methodology permits debtors to scale back their curiosity funds by making early repayments with out going through early reimbursement charges, a typical characteristic within the private mortgage market.
GXS Financial institution doesn’t apply compound curiosity on these loans, aiming to decrease the price for debtors additional. This, together with the absence of early reimbursement charges, is designed to make the GXS FlexiLoan a extra versatile and cost-effective financing choice.
For the reason that launch of GXS FlexiLoan in April 2023, GXS has disbursed 100,000 loans in below a yr. The financial institution expects to double this within the coming months.
The partnership with Seize and Singtel has been instrumental in enhancing the financial institution’s service choices with out elevating prices for customers. In a latest promotional exercise, 60 GXS FlexiLoan prospects had been chosen to obtain 888,888 GrabRewards factors.
Marking the primary anniversary of the GXS FlexiLoan, GXS Financial institution has introduced a promotional marketing campaign operating from 3 April to 30 June, with prizes together with journey experiences, dwelling furnishing upgrades, and the chance to win an iPhone 15 with a yr’s Singtel plan.
Eligibility for these prizes, in addition to potential Seize voucher rewards for brand new prospects, relies on assembly specified mortgage standards.
Jenn Ong
Jenn Ong, Head of Retail at GXS mentioned,
“Private loans in Singapore usually include legacy administrative charges which erode the monetary enhance that loans ought to present customers. We consider {that a} mortgage could be a highly effective software in your monetary toolkit if used properly. As a financial institution, our prospects depend on us to make it possible for each cent counts for them.
We’re heartened to see that our efforts to design a distinct type of private mortgage have been profitable in making a distinction in our prospects’ monetary journey. We consider this is the reason our product has resonated with Singaporeans. Prior to now six months, the common mortgage quantity taken by GXS FlexiLoan prospects has grown by 30 p.c,”
