Prime Minister Datuk Seri Anwar Ibrahim expressed confidence that Malaysia can achieve the target of 400 e-payment transactions per capita earlier than the original goal of 2026, driven by the efforts of digital banks.
Speaking at the inauguration of Boost Bank today, he noted the significant increase in e-payment transactions since 2011 but emphasized that the numbers are still low. He highlighted the collective responsibility to spread the benefits of e-payment facilities to all Malaysians. “This is not a target that is too high and difficult to achieve. If we have a stronger desire, we should achieve it sooner,” said Datuk Seri Anwar Ibrahim.
Boost Bank’s Launch and Commitment to Financial Inclusion
Boost Bank by Axiata and RHB (Boost Bank), a homegrown digital bank approved by Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF), announced the launch of its app, featuring a pioneering embedded onboarding journey now open to the public.
Existing Premium Wallet users on the Boost eWallet app can easily open a Boost Bank account through a seamless onboarding process, positioning Boost Bank at the forefront of embedded banking in Malaysia.
Boost Bank aims to revolutionize financial access for the unbanked and underbanked. The partnership between Boost and RHB Banking Group (RHB) merges the technology-first mindset of a fintech with the trust and stability of a large financial institution.
This synergy ensures that users enjoy innovative financial solutions delivered with the agility of a fintech and the reassurance of a well-established bank.
In addition to Boost Bank’s ecosystem, the bank will leverage partnerships with prominent brands such as CelcomDigi, MYDIN, and others to 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 soon for transactions with these partners.
Boost Bank introduces the “Platinum President” rank for users who deposit a minimum of RM2000 into their Savings Jar and/or Savings Account, offering a promotional daily interest rate of up to 3.6% p.a. until 31 August. After the promotional period, the daily standard interest rate will be 3.2% p.a. for Platinum President users. Funds in Boost Bank can be used for DuitNow transfers, QR code payments, and online transactions nationwide.
To safeguard users’ accounts, the Boost Bank app includes features like ‘Freeze Account,’ ‘Device Binding,’ and ‘Cool-Off Period’ for new device logins. The bank is also supported by a 24/7 Fraud Hotline.
Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad, emphasized Boost Bank’s role in enhancing financial accessibility and inclusivity for Malaysians. “Boost Bank will complement the financial products available on the Boost eWallet app and create sustainable value for our shareholders,” he said.
Sheyantha Abeykoon, Group CEO of Boost, highlighted the bank’s commitment to delivering an unmatched banking experience. “Boost Bank is poised to deliver a banking experience that intuitively integrates into our users’ daily lives,” he stated.
Fozia Amanulla, CEO of Boost Bank, underscored the importance of pioneering digital banking innovations. “We are offering more than just banking services, but a financial journey that’s seamlessly integrated and profoundly accessible,” she said.
Mohd Rashid Mohamad, Group Managing Director/Group CEO of RHB Banking Group, celebrated the partnership with Boost. “Boost Bank represents more than just digital banking; it signifies the creation of a resilient and inclusive financial ecosystem,” he remarked.
Boost Bank plans to expand its digital bank app features, including an upcoming Debit Card. The Boost-RHB Digital Bank Consortium, in which Boost holds 60% equity and RHB owns the remaining 40%, commenced operations following regulatory approval on January 15, 2024.
For more information, visit Boost Bank’s website.
