KUALA LUMPUR (June 6): Boost Bank by Axiata Group Bhd (KL:AXIATA) and RHB Bank Bhd (KL:RHB), a digital bank approved by Bank Negara Malaysia and the Ministry of Finance, on Thursday announced the launch of its app.
In a statement, Boost Bank said a unique feature of the app is that all existing Premium Wallet users on the Boost eWallet app will be able to easily open a Boost Bank account in a seamless onboarding process.
It said this positions Boost Bank at the forefront of embedded banking that conveniently syncs with Malaysians’ daily routines.
Boost Bank said in addition to a captive ecosystem, the bank will also be leveraging marquee partners to take its propositions to the market.
It said that in the coming months, users across the country can look forward to partnership promotions with CelcomDigi, Mydin, Bataras Sdn Bhd, CKS Retail Sdn Bhd, Farley (KCH) Sdn Bhd, Servay Hypermarket (Sabah) Sdn Bhd, and Boulevard Hypermarket and Departmental Store Sdn Bhd.
“Through these partnerships, Boost Bank will meet the financial needs of the underbanked and unbanked by providing rewards and savings on daily necessities.
“Users can also expect higher promotional interest rates to be announced soon — for users who transact with our launch partners,” it said.
RHB Banking Group managing director and chief executive officer Mohd Rashid Mohamad said Boost Bank represents more than just digital banking, as it signifies the creation of a resilient and inclusive financial ecosystem.
“Together with Boost Bank, we are pioneering a path that embraces innovation and addresses evolving customer needs, particularly those in the underserved and unserved communities.
“The Boost Bank app will bridge financial inclusion gaps by providing our customers access to digital financial services that are agile and, more importantly, secure,” he said.
Axiata group CEO and managing director Vivek Sood said the launch of Boost Bank is a key milestone to improve accessibility of financial services for the people of Malaysia.
“Through Boost Bank, our goal is to enrich the digital banking landscape for those with limited to no access to traditional banking, thus advancing towards a more inclusive digital society.
“Boost Bank will complement the availability of financial products, on top of the existing Boost eWallet app’s fintech features,” he said.
Boost group CEO Sheyantha Abeykoon, meanwhile, said Boost Bank is poised to deliver an unmatched banking experience that intuitively integrates into its users' daily lives, meeting their needs and cultivating deep, meaningful relationships.
“The future we envision at Boost Bank is one where financial empowerment is guaranteed for all, with our ongoing innovations and strategic partnerships serving as the foundation towards this transformative vision,” said Abeykoon.