GXBank has secured a risk-sharing guarantee from IFC, while TruMoney and Fireblocks are expanding blockchain payments pilot in Thailand.
GXBank, IFC support $100m loans for Malaysian MSMEs
Malaysia’s digital bank GX Bank Berhad (GXBank) has secured a risk-sharing guarantee from the International Finance Corporation (IFC) to support a loan portfolio of up to $110 million for micro, small, and medium enterprises (MSMEs) in Malaysia.
The IFC, a member of the World Bank Group, will provide up to $4.95 million in unfunded first-loss coverage, GXBank said. DealStreetAsia first reported about the proposal in May.
The facility will absorb eligible initial losses if borrowers default, reducing GXBank’s credit risk and allowing it to expand lending to businesses with limited credit histories or physical collateral.
The guarantee is also expected to reduce the risk-weighted capital GXBank must hold against eligible loans under Bank Negara Malaysia’s framework, freeing balance sheet capacity for additional lending. GXBank said the partnership is the first of its kind for a Malaysian digital bank.
The arrangement builds on GXBank’s existing MSME financing initiatives. Since March, the bank has approved RM27 million ($6.5 million) in facilities guaranteed by Credit Guarantee Corporation Malaysia. GXBank said 15,000 MSMEs have opened digital accounts with it, resulting in more than 5,000 loan drawdowns.
The bank has also increased its maximum business expansion credit limit to RM350,000 from RM150,000.
TrueMoney, Fireblocks expand Thai blockchain payments pilot
TrueMoney, the fintech arm of Thailand’s Ascend Group, is working with digital asset infrastructure provider Fireblocks to expand a blockchain-based payments pilot in Thailand, targeting everyday use of digital assets.
The second phase of the Thai Baht TrueMoney (THBT) project will embed Fireblocks’ wallet technology into the TrueMoney app, allowing users to create and manage digital wallets without directly handling private keys, the companies said on Tuesday.
THBT is a Thai baht-referenced digital value unit being tested under the Bank of Thailand’s Enhanced Regulatory Sandbox.
The expanded pilot will allow up to 20,000 Thai and international participants through Dec. 31, 2026. Users will be able to exchange THBT for six supported digital assets and use the token to buy digital coupons through THBTStore.
International users, including tourists and expatriates, can exchange supported digital assets for THBT and convert the tokens into Thai baht for transactions within TrueMoney’s ecosystem.
