Financial institution GXBank and AKPK collaborate to offer financial literacy and debt management services nationwide in Malaysia.
GXBank and AKPK Partner to Boost Financial Literacy and Support Vulnerable Malaysians
In a significant move to address financial vulnerability and improve financial literacy among Malaysians, GXBank has partnered with the Credit Counselling and Debt Management Agency (AKPK). This collaboration aims to deliver guidance and support to individuals and micro, small, and medium enterprises (MSMEs) in real-time on the platforms they use every day.
According to the RMFLS 2024, six out of ten Malaysians have an emergency fund lasting up to four months, leaving them exposed to financial shocks. The partnership between GXBank and AKPK is expected to provide targeted financial solutions and education to gig workers, retail customers, and MSMEs, helping them build a more secure financial future.
Since its establishment, AKPK has counselled more than 1.5 million people, with nearly 480,000 individuals successfully managing their debt. The collaboration includes managing loan repayments for GXBank customers who are enrolled in AKPK's debt management program.
GXBank is deeply invested in seeing communities thrive, resonating with AKPK's impact on millions of Malaysians since 2006. The bank aims to provide customers with the necessary knowledge to nurture prudent financial health and behavior.
The partnership features the involvement of Mansor Ali, General Manager, Operations and Business Development Division, AKPK; Azaddin Ngah Tasir, Chief Executive Officer, AKPK; Kaushik Chowdhury, Chief Executive Officer, GXBank; and Hildah Hamzah, Deputy Chief Executive Officer and Chief Operating Officer, GXBank.
Azaddin Ngah Tasir, CEO of AKPK, stated that by combining AKPK's expertise with the agility of digital banking, they can deliver guidance directly, in real time, and on the platforms used every day. Kaushik Chowdhury, CEO of GXBank, stated that responsible lending involves providing access to financial tools like FlexiCredit for everyday Malaysians and Business Banking solutions for MSMEs.
This partnership ensures that individuals navigating personal finances and MSMEs striving for growth have the tools and trusted support needed to make responsible financial choices. The initiative is in response to the financial vulnerability of many households and is part of a larger effort to improve financial literacy among Malaysians.
The partnership between GXBank and AKPK is expected to provide support to a significant portion of the Malaysian population, particularly those in vulnerable financial situations. By working together, these two organisations hope to empower Malaysians to take control of their financial future and achieve financial stability.
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