Grab and Singtel-backed digital bank GXS will cut 82 jobs or about 10% of its workforce across the group, the Business Times reports.
The move was made as part of its transition from the early-stage phase of building a bank to running day-to-day operations, said GXS group chief executive Lai Pei Si in a note to the company.
“The roles that are essential as we move forward and focus on running the bank may be different from our build phase,” said Lai. She emphasised that the decision was based on organisational needs, not individual performance.
The move will affect GXS Bank in Singapore and the group’s tech centre in India. The bank had previously relied on natural attrition to streamline its workforce for a year and a half, but Lai noted that progress had been “slower than expected.”
“For example, we have only backfilled vacated roles that we believe are essential for the group for the years ahead,” said Lai, adding that the bank had also regionalised its core capabilities, such as data, product and technology, to “improve collaboration and scale product innovation across multiple markets.”
Nonetheless, the pace of organic reshaping has fallen short of the bank’s goals.
Affected employees will receive extended medical coverage for three months, career transition support, and counselling services, alongside severance, goodwill payments, and gardening leave in line with market practices.
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Featured Image Credit: Tsubasa Suruga via Nikkei Asia
Last modified: December 3, 2025
