GXBank secures RM21mil IFC first-loss cover for RM470mil MSME loan push

GXBank has obtained up to US$4.95 million (RM21 million) in first-loss coverage from the International Finance Corp, which it says is the first risk-sharing arrangement of its kind for a Malaysian digital bank. The facility supports a target loan portfolio of up to US$110 million (RM470 million) for micro, small and medium enterprises lacking conventional credit histories. GXBank says 15,000 MSMEs have opened digital accounts and more than 5,000 loan drawdowns have been made so far.