Lai (left) and Hildah's conviction to helm this institution was spurred by the enticing call to give back to the community (Photo: SooPhye)
In late 2021, Lai Pei Si and Hildah Hamzah left the security of their traditional banking careers to join the pioneering team of Grab-led GXBank. Today, the CEO and chief of staff of Malaysia’s first digital bank, respectively speak with the easy coordination and familiarity of long-seasoned partners. The way they pass the conversational baton with only an intuitive glance and knowing nod makes it difficult to believe that these women were perfect strangers a few short years ago. “I had never known Pei Si before,” says Hildah as they reminisce about their first meeting. Lai, comically exasperated, adds, “Yeah, I was like, who is this woman?”
As the first anniversary of the organisation’s public launch approaches, the pair look fondly back on the soaring highs and tough lows that have made their life-changing move worth it. One of only five digital banks in the country, GXBank was the first to receive its licence from Bank Negara Malaysia in April 2022. The start-up was founded upon the mandate to serve the nation’s people with its accessible and inclusive services, an ethos that puts customers at the heart of its operations. The company made its debut on Nov 30, 2023 and currently has close to one million users. It recently won two awards for best digital bank.
Prime Minister Datuk Seri Anwar Ibrahim also inaugurated its nation-building initiative GX Untuk Semua in August, a significant triumph according to Lai. “He told us how happy he was that we were starting well and how digital banks have helped so many people. [We] are changing the world and financial industry,” she recounts the remarkable milestones they have reached in a mere 12 months with a smile. For all these considerable wins, it was impossible to know before this point when, or even if, the pieces would fall into place, the two point out “We look back with pride but it could’ve gone south many times,” says Hildah.
So what made these industry veterans seize the chance?
Leap of faith
Diving headfirst into murky waters is not for everyone, but Lai and Hildah’s conviction to helm this institution was spurred by the enticing call to give back to the community.
“I was a founding employee,” begins the CEO, “so we looked for a group of bankers and technologists with complementary skills to come together. We were a troupe of like-minded folks with a high sense of purpose, who were willing to build a bank and deliver what needed to be done.”
“We had a chat online, and I knew this was the person I wanted to work with. There was a click,” remembers Hildah, who was introduced to Lai by current GXBank chairman Datuk Zaiton Mohd Hassan. “When you’ve been in the industry for as long as we both have, you know what you want and who you’re comfortable with. A week later I said, ‘Let’s just do this’.”
As veritable professionals each with over two decades of experience under their belts, their decisions to join a digital bank were met with scepticism by peers, but doubt found no purchase on their resolve. “[At the time] we did not know yet if we would be able to get the licence, but we were ready. We had this innate faith in each other,” Lai explains, to which her partner affirms, “It was a calculated risk, but because the pioneer members had a clear resolve, we took it.”
Many would feel their legs wobble at the thought of boarding a ship still being built, but the dauntless duo make their decision sound effortless. Offered the rare chance to not only define the face of digital banking but make meaningful change in the lives of Malaysians, they eagerly jumped at the prospect of writing the first letter on a blank slate, literally — they reveal how their first move was scribbling down a list of ideas on a piece of paper, identifying the gaps and potential improvements they knew from past experience.
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“When I was growing up, I heard so many stories like, ‘If only people were able to get financial support, they could’ve done such and such’. Given the mandate, we are in a position to make so much impact. I was thrilled to be able to direct such a change,” enthuses Lai, who adds that she had long felt the calling to join Grab as it was “always championing the everyday entrepreneur”.
Echoing this sentiment, Hildah emphasises the value of understanding what it takes to affect real change and using her skillset as a banker to give back to the community. “When the call came … all bankers do trade-offs, right? Our core competency is risk management! So, you do those trade-offs and conclude, how can you say no to this?
“I can’t save lives or build homes, so this is how I give back.”
Having collaborated for close to three years, their initial click has grown into unwavering trust and immutable respect, fuelling a seamless partnership that spreads to their team through effective leadership.
“It’s amazing when you work with someone you know always has your back. When you’re doing different things, pushing boundaries and taking risks, you have to know you’re working with someone who trusts your judgement,” explains Hildah. “I’d never worked with Pei Si before, so I had to earn her trust, but once it’s there and you get that empowerment, you can then give it back to your team. It’s a trickle-down effect: My CEO trusts me, I do the same for my team.”
Lai reciprocates, “It’s been a very honest relationship in terms of our respective abilities and what we can bring to the table. We all have our strengths and weaknesses, and certainly working with Hildah, it’s been about building a team with compatible capabilities.
“We’re the same,” offers Lai candidly regarding their dynamic, to which her partner says, “We tend to aim for the same outcome because we have the same wants for the bank, but with different approaches. It’s not specific. We quite rarely disagree, to be frank!”
From the top
Leading a complement of over 400 staff, mostly Malaysians, the women highlight how hiring the right people to embark on this daring maiden voyage has been instrumental in cultivating an energy of commitment and reliability that steers towards success.
“The fact someone is putting up their hand to apply for the job already speaks volumes of their desire to make a change. It’s extremely uncomfortable to come to a new place,” Lai shares. Her second-in-command continues, “It requires a special trait — call it craziness or whatever — which involves loving the challenge and being able to work under uncertainty.”
Despite their decorated pasts, Lai and Hildah insist evolving as leaders is crucial to uplifting their staff. “After my week of 14- to 15-hour days, I do a reflection and figure out what we haven’t done well and how we can improve the following week,” details the CEO. “When I came here, one of the biggest things I had to learn was take away my biases and listen first.” Both agree shedding assumptions and adopting an open, humble mindset has been the most substantial change they have made to their managerial methods.
“We’ve inculcated a culture of listening without fixation, ego, and as far as possible, resorting to saying, ‘Just do what I tell you’,” Hildah asserts. Breaking from the confines of office politics and strict hierarchies, the philosophy of guiding with generosity and being a reliable pillar for one’s team has allowed the staff at GXBank to flourish. “[I learnt] to be open and genuinely give advice without thinking about myself. I’m now starting to lead from behind, to let them figure things out first, because they know what is happening. You get the best results that way.”
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Lai, a self-confessed control freak, also states she actively exercises restraint in order to foster confidence. “I always find myself trying to tell folks how things should be done, so I refrain from it. Abstaining enables a lot more creativity. It’s a hard one to unlearn.”
“As leaders, being ourselves gives the team permission to be themselves too. It doesn’t get said enough in management books,” Hildah reiterates. On top of this, the duo take steps to provide a flexible environment that facilitates optimal productivity, using a hybrid arrangement that only requires staff to come into the office twice a week — one of few banks to do so. “Our business is really involved … it requires a lot from these people. How we work speaks to the trust the organisation has in its employees to do what they need to get done,” the CEO divulges.
“The way they get together and solve problems during a crisis is how you know you have a good team,” she goes on. The helping spirit permeating across the institution has led to the crew proactively synchronising efforts and assisting one another in times of difficulty. Hildah credits this to widespread mutual confidence in each other’s capabilities: “Commitment comes from your boss admitting they’re not always the most knowledgeable, and that’s how you get people jumping into fires and wanting to solve problems in their own capacity, without being told.”
Asked to paint a picture of the atmosphere they have developed, the art lovers do not disappoint. “I love musicals, because they are an ensemble of folks who work together, regardless of the role, to give a perfect show,” Lai describes. “Thinking back on the [awards] we won, it’s like that: a key performance we are able to give, every moment. We’ve got to keep on doing it. That’s the beauty of running teams, and I’m so proud of us for getting to where we need to get to. Everyone finds their purpose in striving towards something meaningful.”
Levelling the scale
GXBank also boasts an even gender ratio of employees, with a higher percentage of women in senior roles — an outcome Lai and Hildah explain was the natural result of merit-based assessment. Having had strong female role models in their families and previous workplaces, they make a point to extend that same support by giving others the space to shine.
Not compelled by the unrealistic idea of work-life balance, Lai instead stresses, “It’s about grabbing your career by the horns, having the courage and finding the right time to pursue different things. There have been moments when I chose to take time off to look after my kids, but also times when I’ve said I need to spend more time at work. You have to decide what you want, and the less we make it feel like a sacrifice, the better.
“We encourage people to optimise their work and personal life to what they need, and respect that there will be times they need more support, because they understand there will be times the company requires more from them.”
Well-versed in the tribulations of motherhood themselves, they point out that their fluid work format is especially beneficial to working parents. “Being a mother and a woman, the hybrid [system] gives me maximum productivity,” expresses Hildah. “When you’re a mum or dad with all sorts of responsibilities, that empowerment coupled with infrastructure really helps.”
The pair count themselves blessed to not have felt the cruel pushback of the glass ceiling, but acknowledge this is not a privilege enjoyed by many. On a fundamental level, Hildah hopes to see the implicit gendered remarks surrounding women in finance eradicated. “Sometimes you hear someone called a ‘good female banker’ or an ‘iron lady’. Does it matter? Here, your skills speak for themselves, but we realise that’s not the same everywhere. When it comes to a point where someone can say ‘this person is a good banker’ with no reference to gender, that would be lovely.”
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For the people
Evidenced by the phenomenal customer volume GXBank has attained, investing in the people inside has yielded great dividends, as the combination of supportive leadership from senior staff and the company’s overarching dedication to providing the best for its customers has led to a resounding public reception.
“The response has been amazing. Most [users] are digital natives who are very comfortable with the digital platform, and have been quick to respond to the solutions we’ve rolled out,” explains Lai. Hildah further contextualises the unexpected rate of their success: “We were so surprised to hear that, when indexed to the population, we’re the fastest-growing bank in Southeast Asia. It was certainly unexpected, and not something we planned for!”
From 24/7 chat features to call centres, being able to respond swiftly and effectively while bridging the impersonal gap of a phone screen has resulted in the approval garnered. As to how they achieved it, Hildah reveals, “Till today, we have this Slack channel where every problem gets thrown in, and then each senior member picks it up and resolves it. Ultimately, we’re closing one million customers in the span of less than a year. Some banks spend over a century trying to get that kind of volume, and we achieved it by having internal agility, which translates into external ease.”
“The way we serve is very human though we are a digital format. We exist for our customers and no one else, and we’re very happy to say that our net promoter score [which measures how likely users are to recommend us to friends and family] is very high,” elucidates Lai.
Just as open communication guides its internal operations, transparency with users has been just as meaningful to the organisation, for better or worse. GXBank’s recent move to lower its interest rates was met with some scathing criticism, but the decision to not switch off comments and take it on the chin was deliberate. “We wanted to be true to ourselves and hear their reactions, so they gave it to us. What was quite moving, though, was the people who supported us — we truly didn’t foresee those voices,” says Hildah.
True to its mandate, the bank’s Impian Gigih initiative has also made sizeable impact through its generous provisions of scholarships and bursaries, aimed at promoting social mobility and contributing to the community. Supplying Malaysians with both digital literacy and financial education has also been a priority, ensuring people do not get scammed and are able to handle fundamental issues such as insurance or retirement planning responsibly. The duo predict that the next step in this leg of their programme will be helping people act on this new knowledge, changing their approaches and behaviours.
“It’s been amazing, extremely tiring, a real honour and a rare privilege. I’m so grateful to the users, our team, our shareholders, board members … they’ve put way more than we expected into this endeavour,” gushes Lai. “The great thing about being able to start from zero is that you truly can put customers at the centre of everything.”
Hoping for stability and continued growth for the country’s five digital banks, Hildah shares, “I’ve never been so vested in something. When you build something from scratch, you really want it to do well. It’s not been easy by any means, that’s the difficulty of trying to be the first. I hope it gets more refined, more nuanced, more targeted, because there’s so much good [we] can do collectively.”
Lai’s vision of what is to come involves the implementation of all the technology and data from the pioneering five across the financial industry in order to seek and define new benchmarks of excellence. “We have a good chance to keep setting standards for all the financial players out there and, to a large extent, we’ve got to hold that privilege and responsibility very dear. If we’re just going to do the same thing, there’s no point. We’re here to challenge the status quo!”
This article first appeared on Nov 4, 2024 in The Edge Malaysia.
