Digital bank GXS, supported by Grab and Singapore Telecommunications, is cutting 10% of its workforce.

According to reports, digital bank GXS, supported by Grab and Singapore Telecommunications, will cut 82 jobs within the group. The layoffs will include subsidiaries of GXS Bank in Singapore, GX Bank in Malaysia, and its technology center in India. The report cited company CEO Lai Pei-Si as saying that the layoffs are part of the company's transition from the early stage of establishing a bank to the operational stage. The positions being cut are based on strategic evaluations, not individual performance.