Boost Bank launches pioneering embedded digital bank app to Malaysian

Boost Bank launches pioneering embedded digital bank app to Malaysian
  • Customers can look forward to the bank’s future Bank Card, already in the pipeline
  • promises to be one of the few M’sian businesses to accept new customers without having any prior records.

Left to Right:: Mohd Rashid Mohamad, group managing director/group CEO of RHB Banking Group, David Lau, chairman of Boost Bank, Fozia Amanulla, CEO of Boost Bank, Vivek Sood, group CEO and managing director of Axiata Group Berhad and Sheyantha Abeykoon, group CEO of Boost

The launch of Boost Bank by Axiata and RHB ( Boost Bank ), a homegrown digital bank approved by Bank Negara Malaysia and the Ministry of Finance, with a pioneering embedded onboarding journey, made the announcement that the app, which is now officially accessible to the public. &nbsp,

The bank said in a declaration that all present advanced budget users on the Boost app application will be able to start a Boost Bank account in a smooth recruitment process. This places Boost Bank at the forefront of integrated banks, which seamlessly integrates with Malay ‘ everyday routines.

One of the few banks in Malaysia that will let users who do n’t already have bank accounts digitally sign up is Boost Bank, claims the company. This goes against its original intent to reach out to the underprivileged and underserved segments of society.

As the first digital bank in the market to combine the technology-first mindset of a finance with the confidence and security of a sizable financial institution, Boost Bank and RHB Banking Group ( RHB) have a strategic relationship. Users can expect the best of both worlds thanks to this interaction, which combines the encouragement and dependability of a well-established banking institution with the innovative financial solutions delivered with the dexterity of a fintech.

The lender will use lovers that it has grown with to market its ideas in addition to Boost Bank’s habitat. Customers can anticipate some relationship promotions in the upcoming months across both West and East Malaysia, including CelcomDigi, Mydin, and Bataras Sdn. Bhd., Cks Retail Sdn. Bhd., Farley (KCH) Sdn. Bhd., Servay Hypermarket ( Sabah ) Sdn. Boulevard Hypermarket and Departmental Store Sdn., and Bhd. &nbsp,

Through these collaborations, the lender said it will provide rewards and discounts on daily necessities to match the financial requirements of the underbanked and vulnerable. Customers who transact with its release partners you anticipate higher special interest rates to be announced quickly, too. &nbsp,

According to Boost, it has an existing and honor- winning loyalty program for many years, known as the BoostUP Loyalty Programme, that has been well- received in the market. As one of its crucial value ideas, it is launching a fresh special rank called” Platinum President” for customers who open a Boost Bank account and fulfil certain conditions. All users need to do is simply deposit a minimum of US$ 426 ( RM2000 ) into the Boost Bank’s Savings Jar and/or Savings Account, where they can receive a promotional daily interest rate of up to 3.6 % p. a. from now until 31 August.

After the promotional period, the regular conventional Savings Jars interest charges will be 3.2 % p. a. for Platinum President people. After the two apps are linked, those who achieve the Platinum President status on the Boost Bank application may be automatically upgraded to the highest position on the Boost paytm app in order to receive up to 3x Increase Stars for every ringgit spent on qualified transactions.

Users who embrace our online bank have the unique opportunity to skip to Platinum President, even those in lower ranks, said Boost.

Moreover, there will be forthcoming partnership offers and more benefits with one of our launch partners, Mydin, in the coming weeks that could allow users to earn higher promotional interest rates while receiving partner gains on Boost Bank’s lovers ‘ saving bottles. DuitNow transfers can be made using funds from the Boost Bank app, including to the Boost eWallet app, where they can be used to make national-wide QR code payments and online transactions.

Loyalty Rank

Boost Bank’s Savings Jars Daily Interest Rate ( Weekly Return )*

Boost eWallet app’s Boost Star Earnings*

Platinum President with Partner Benefits

Higher promotional interest rates are on the horizon.

3x on eligible transactions

Platinum President

3.6 % p. a. from 6 June to 31 August, during promotional period

( Standard rate: 3.2 % )

3x on eligible transactions

All Other Loyalty Tiers

1.5 % p. a.

( Fast- track to Platinum President rank after depositing RM2000 )

1x on eligible transactions

Furthermore, in compliance with regulatory standards, each deposit is protected by the Perbadanan Insurans Deposit Malaysia ( PIDM) for up to US$ 53, 200 ( RM250, 000 ). Users can be assured that their funds have a safety net even in unanticipated economic crises or unforeseen circumstances thanks to PIDM.

To safeguard users ‘ accounts, the Boost Bank app has implemented the’ Freeze Account’ for emergency situations,’ Device Binding’ for access control, and ‘ Cool- Off Period’ for new device logins, as part of its comprehensive security measures. As an added layer of defence, the digital bank is also supported by a 24/7 Fraud Hotline at 60162999831. Users can quickly and conveniently access their accounts thanks to these safety measures if they suspect unauthorized malicious activity.

&nbsp, Vivek Sood, group CEO and managing director of Axiata Group Berhad, said,” At Axiata, we are dedicated to growing an inclusive and robust digital banking ecosystem in Malaysia. The launch of Boost Bank is a significant step in improving Malaysia’s ability to access financial services.

He continued, stating that the company’s goal is to make the digital banking landscape more accessible to those who have no access to traditional banking and contribute to a more diverse digital society. ” Boost Bank will therefore add financial products to the already-described fintech features of the Boost eWallet app. As Axiata moves forward with our Telco-TechCo journey, we will continue to focus on expanding our offerings to consumers through digital businesses and creating long-term value for our shareholders, according to Vivek.

Meanwhile, Sheyantha Abeykoon, group CEO of Boost, said:” Today marks a pivotal moment at Boost, as we fully realize our vision of becoming a full- fledged digital bank, and become the first in market that integrates embedded banking effortlessly, and is a testament to the robust fintech ecosystem and track record of excellence we’ve established. Boost Bank is poised to offer an unmatched banking experience that intuitively integrates into our users ‘ daily lives, meeting their needs and developing deep, meaningful relationships by drawing on various learnings from across our business.

He continued,” Our ongoing innovations and strategic partnerships serve as the foundation for this transformative vision,” stating that the company envisions a future where financial empowerment is guaranteed for everyone.

&nbsp, Fozia Amanulla, CEO of Boost Bank, added:” This journey, years in the making, culminates in a moment of immense pride for our innovative team as we successfully launched Boost Bank. A commitment to pioneering a movement where everyone benefits from access to financial tools that are both as simple and as-effective is at the heart of our innovation. Through our synergy with Boost’s technological expertise and RHB Banking Group’s rich legacy, we are offering more than just banking services, but a financial journey that’s seamlessly integrated and profoundly accessible”.

Mohd Rashid Mohamad, group managing director/group CEO of RHB Banking Group, stated:” Boost Bank represents more than just digital banking, it signifies the creation of a resilient and inclusive financial ecosystem. We are collaborating with Boost to create a strategy that embraces innovation and addresses changing customer needs, particularly those in underserved and underserved areas.

He added that by giving customers access to agile and, more importantly, secure digital financial services, the Boost Bank app will help fill in financial inclusion gaps. In line with our Sustainability Strategy and Roadmap, which aims to empower more than two million people and businesses across Asean by 2026, Mohd Rashid said,” This endeavor underscores RHB’s unwavering commitment to enhance our digital propositions and fostering financial inclusivity for all Malaysians.”

Boost Bank will expand its digital bank app features and solutions as the digital bank industry grows to better meet the needs of all Malaysians. The Debit Card is a upcoming product development that is already in the pipeline and that users can anticipate.

The Boost-RHB Digital Bank Consortium, in which RHB owns the remaining 40 % of the company’s equity and Boost holds the other 60 %, was one of the five successful license applicants announced by BNM in April 2022, and it formally reopened its doors on January 15, 2024, with official regulatory approval.

For more information, please visit Boost Bank’s website here. The Boost Bank app can now be downloaded from the Google Play Store and the Apple App Store.