Singaporean multinational expertise firm Seize Holdings launched its unaudited monetary outcomes for the primary quarter ended 31 March 2024, revealing a major enhance in buyer deposits in its digital financial institution enterprise.
Deposits from prospects in Seize’s digital financial institution enterprise have been US$479 million on the finish of the primary quarter 2024.
This can be a substantial development from US$36 million in the identical interval final 12 months and US$374 million within the prior quarter.
Seize operates two digital banks: GXS Financial institution in Singapore, a three way partnership with Singapore-listed telecom large Singtel, launched to the general public in August 2022, and GX Financial institution Berhad in Malaysia, the nation’s first digital financial institution, operational since November 2023.
The expansion was pushed by a doubling of deposit prospects for GXBank, Seize’s digital financial institution in Malaysia, which elevated from 131,000 on the finish of 2023 to 262,000 by March 2024. Notably, over 90% of GXBank’s deposit prospects are additionally Seize customers.
Seize has streamlined its value base throughout GrabFin’s companies, which gives a variety of cost, lending, and insurance coverage merchandise, and its digital banks, with whole working bills enhancing by 15% YoY and 14% QoQ.
The YoY enchancment was pushed by decrease employees prices following mass layoffs final 12 months and additional optimisation of value of funds and credit score and compliance prices as a share of revenues.
Seize continued to concentrate on lending to its ecosystem companions by way of GrabFin with whole mortgage disbursements rising by 64% year-over-year and 9% quarter-over-quarter.
The mortgage portfolio ended the quarter at US$363 million, up from US$196 million in the identical interval final 12 months. As of 31 March 2024, round 80% of GXS Financial institution’s FlexiLoan prospects have been additionally Seize customers.
The corporate maintained a prudent method to credit score danger, with non-performing loans (over 90 days overdue) at 2% of the mortgage portfolio.
Featured picture credit score: Seize
