GXBank has introduced their ‘Impian GIGih’ initiative to foster financial inclusion and empowerment among Malaysia’s gig workers and B40 families. This initiative reflects GXBank’s unwavering commitment to serving the underserved and promoting economic resilience across the nation.
GXBank, Chief Executive Officer, Pei Si Lai, underscored the bank’s dedication to its mission of driving financial inclusion since its inception. “As a Malaysian digital bank, our core purpose is deeply rooted in serving the community.
With ‘Impian GIGih’, we’re doubling down on our efforts to empower those who have traditionally been marginalised in the financial landscape.”
GXBank, Chief of Staff, Hildah Hamzah, shed light on the guiding principles behind ‘Impian GIGih’. “We’re leveraging technology to identify and address the unmet financial needs of gig workers and B40 families.
Our goal is to serve as a bridge to financial stability and prosperity for these communities.”
The initiative aims to fortify Malaysia’s financial resilience through a multifaceted approach that addresses the unique needs of gig workers and B40 families. At its core, GXBank is dedicated to enhancing financial well-being by providing equitable and inclusive access to tailored financial services. This commitment ensures that individuals from these communities have the necessary tools and resources to manage their finances effectively and achieve their financial goals.
Moreover, ‘Impian GIGih’ endeavors to ensure educational accessibility for children from these underserved communities. By alleviating the financial burden of education, the initiative enables young Malaysians to pursue their academic aspirations without facing financial constraints. This support not only empowers individual students but also contributes to the long-term development and prosperity of their families and communities.
Additionally, GXBank recognises the importance of promoting financial literacy as a means to break the cycle of financial vulnerability. Through educational initiatives and resources, the bank empowers Malaysians to make informed financial decisions for themselves and their families. By equipping individuals with the necessary knowledge and skills, GXBank aims to foster a culture of financial responsibility and resilience, ultimately contributing to the economic well-being of the nation.
Given the nation’s economic landscape and volatile job market in certain industries, many aged 25 to 44 have resorted to gig work, either as a stepping stone or a permanent solution. [1]Fluctuating income, barriers in current banking processes and the lack of social protection and financial support by most gig platforms, often leaves gig workers financially vulnerable. Layered on the rising cost of living and education, this impedes their ability to financially plan for themselves, their household and their children’s educational needs.[2][3]
The ‘Impian GIGih’ initiative kicked off with a pilot effort at the end of February, coinciding with the back-to-school season. Collaborating with pioneering partners such as MYDIN and GoBarakah, GXBank distributed physical and virtual bursaries to 500 children of B40 parents and Grab drivers in Kelantan and Johor Bahru, respectively.
To further extend its support, GXBank is partnering with GoBarakah to provide e-vouchers to registered beneficiaries via the platform. These vouchers can be redeemed for school essentials year-round at selected vendors nationwide, ensuring ongoing support for educational needs.
Recognising the economic challenges faced by gig workers, GXBank plans to expand its initiatives by offering tertiary education scholarships to their children. By providing access to education and fostering financial literacy, GXBank aims to break the cycle of poverty and empower future generations.
Pei Si emphasised, “With ‘Impian GIGih’, we’re not just addressing immediate financial needs; we’re investing in the long-term prosperity of our communities. Through collaborative efforts with like-minded partners, we’re paving the way for sustainable change and economic empowerment.”
[1] Gig Economy Continues to Grow Despite Normalisation of Household: MDEC, Dec 2023
[2] Gig Economy, Financial Health and COVID-19: A Case Study of FastJobs in Malaysia; UNCDF, 2022
