SINGAPORE – GXS Bank (GXS) strengthens its commitment to improve financial inclusion in Singapore and Malaysia, where GXS and its subsidiary hold banking licences, with the appointment of Muthukrishnan Ramaswami (“Ramu”) as its Group Chief Executive Officer (“CEO”). Ramu’s appointment is subject to regulatory approval.
As Group CEO, Ramu will be instrumental to GXS’ ambition to serve more individuals and small businesses in Singapore and Malaysia. Ramu will also lead regional partnerships in which GXS can benefit from economies of scale even as these partnerships are localised for Singapore and Malaysia.
A veteran in the financial services industry, Ramu has more than 35 years of experience across a range of financial businesses including exchanges, clearing houses as well as retail and wholesale banking. He has held regional and international leadership roles across Singapore, Hong Kong, India, London and New York. This included leading the technology operations and services strategy in 42 countries as Chief Information Officer for Citibank’s International Retail Banking business.
More recently, Ramu spent 12 years as President of the Singapore Exchange (SGX), during which he also served as CEO of all of the Exchange’s regulated subsidiaries. Since stepping down from his role at SGX in 2019, Ramu has served on various boards including GovTech Singapore and Temus (a digital transformation company established by Temasek in partnership with UST, a global digital services company).
On his appointment, Mr Ramu said, “Digital banks have an increasing and important role to play in extending banking and credit facilities to a large and underserved group of individuals and businesses across Southeast Asia. As a digital bank that has been built purposefully to serve the needs of this segment, GXS has a huge opportunity to be a significant player in Singapore and Malaysia. I look forward to helping the GXS team fulfil its potential in becoming a leader in this space.”
Mr Hsieh Fu Hua, Chairman of the GXS Board in Singapore, said, “We warmly welcome Ramu who is familiar to our Board as a leader in the financial services industry. Ramu’s appointment as Group CEO further strengthens our leadership bench and we are confident that Ramu’s experience and industry knowledge will contribute to GXS’s next phase of growth.”