Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation,announced partnering to simplify GXS Group’s launch of two digital banks in Singapore and Malaysia within a year of each other. Thoughtworks’ expertise was integral in helping GXS Group meet its goal of designing a modular technology infrastructure that can be scaled quickly across different markets.
Through the partnership, Thoughtworks and GXS Group have developed a seamless and highly secure digital banking mobile platform. This platform is the foundation on which GXS Group has built its suite of retail and business banking products for Singapore and Malaysia.
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For its retail business, GXS Group was clear that there were certain product innovations that it wanted to introduce to the market at launch. For example, the GXS FlexiLoan, its flagship personal loan product in Singapore, needed to offer customers the flexibility to choose their repayment options.
A key customer proposition for the GXS FlexiLoan is the ability for GXS Bank to customize the loan offer to each customer, based on the Bank’s proprietary credit assessment model that uses both credit bureau data as well as a broader set of data from its ecosystem. GXS and Thoughtworks co-designed and built the technology infrastructure that enables these product innovations.
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Designed for a regional digital bank strategy
A key cornerstone in GXS Group’s expansion plans in Southeast Asia is ensuring compatibility with regional ecosystems. Thoughtworks worked with GXS Group to ensure that what is built in each market can be easily scaled across markets, enabling the Bank to benefit from economies of scale and talent from its centres of excellence.
The Bank operates as GXS Bank in Singapore and GXBank in Malaysia. In Indonesia, GXS Group also works closely with Superbank, which shares the same parentage as GXS Bank, with Grab and Singtel among its shareholders. Superbank also leverages the same core banking system, data and product infrastructures which are used across the GXS Group.
“We have bold ambitions to improve financial inclusion and support economic growth for our customers across the region. For us to achieve this, we knew we had to be nimble and that our build had to be modular and scalable,“ said Rajat Malhotra, Chief Technology Officer at GXS Bank. “Thoughtworks is a pioneer in the field of agile frameworks, and its disciplined approach, understanding of best practices, and engineering principles have been a strong support for our engineering teams as we built and launched two new digital banks in two countries in the space of a year. “
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“Over the past few years, banks have been aggressively adopting digital technologies to provide extraordinary banking experiences for customers,” said Wayne Te Paa, Managing Director for Banking, Finance Services and Insurance, Thoughtworks Asia Pacific. “By enhancing GXS Bank’s engineering culture and delivering a robust and scalable mobile platform solution, we are proud to have enabled GXS Bank to create and rapidly launch high-quality new digital banking services and accelerate their growth across the competitive Southeast Asia market.”
At the heart of Thoughtworks’ partnership with GXS Bank is the commitment to building an engineering culture that empowers the bank’s teams to create and launch high-quality products efficiently—bolstering their ability to innovate and respond to customer demands. Thoughtworks’ Engineering Effectiveness approach, played a critical role in helping GXS Bank deliver robust solutions, including boosting engineering productivity, enhancing developer experience and driving cost efficiency.
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Source – Intent Market Research
