Singapore’s GSX Bank acquires Validus Capital

GXS Bank has received regulatory approval to acquire Validus Capital, the Singaporean SME lending subsidiary of Validus Investment Holdings, in an all-cash deal set to close this week. The acquisition marks the first of a local fintech firm by a homegrown digital bank and will enable GXS to expand its business banking services to larger SMEs through trade finance and supply chain financing. Validus, which has disbursed over USD1bn in loans since 2015, will operate as a wholly-owned subsidiary. The move enhances GXS Bank’s ability to serve SMEs at all growth stages across the region through its digital ecosystem and partnerships in Malaysia and Indonesia.