Digital bank GXS Bank receives S$229.5 million infusion

According to regulatory documents submitted to the Accounting and Corporate Regulatory Authority of Singapore, digital bank GXS Bank has received a capital injection of SGD 229.5 million from supporters Singtel and Grab. Grab subscribed to most of the shares at a price of SGD 1 per share, receiving 229.5 million shares. The company was allotted 191.8 million shares, while Singtel was allotted 37.7 million shares. This investment is part of the stock issuance and allocation plan announced at the January shareholders' meeting, when Grab invested SGD 145 million. As part of the resolution, Singtel received 90.1 million shares of unpaid share capital in this round of financing. According to regulatory documents obtained from data platform Handshakes, GXS's latest financial report shows a widening loss, with a loss of SGD 208.2 million for the 2023 fiscal year ending December 31, compared to a loss of SGD 132.5 million in the same period last year. Its annual revenue increased from SGD 5.1 million in the 2022 fiscal year to SGD 16.1 million.