Malaysia’s First Homegrown Digital Bank – Boost Bank – Has Officially Launched

Malaysia’s First Homegrown Digital Bank – Boost Bank – Has Officially Launched

by June 6, 2024

Malaysia’s first homegrown digital bank, Boost Bank, has officially launched its app to offer locals a seamless account opening experience via its e-wallet.

Existing Premium Wallet users can now open a Boost Bank account through the app for an embedded onboarding experience, allowing for easier access to banking services.

This initiative targets the underbanked and unbanked, helping them access banking services through strategic partnerships.

The app also features robust security measures, including a ‘Freeze Account’ option, ‘Device Binding’ for access control, and a ‘Cool-Off Period’ for new device logins.

A 24/7 fraud hotline is available for any suspected unauthorised activities. Boost Bank also plans to expand its app features, including the introduction of a debit card.

To further support financial inclusion, Boost Bank has partnered with several well-known retailers, including CelcomDigi, MYDIN, Bataras Sdn. Bhd., and others.

These partnerships will offer users rewards and savings on everyday items and promotional interest rates for transactions with these partners.

Users can also expect higher promotional interest rates to be announced soon for transactions with launch partners.

Boost Bank also introduces a new loyalty rank, “Platinum President,” for users who deposit a minimum of RM2000, offering a promotional daily interest rate of up to 3.6% p.a. until 31 August.

After this period, the rate will be 3.2% p.a. for Platinum President users. This new rank integrates with the existing BoostUP Loyalty Programme, providing enhanced benefits across both platforms.

In compliance with regulatory standards, deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000, ensuring user funds are safeguarded.

During the opening speech, Prime Minister Anwar Ibrahim expressed his support for Boost Bank, stating that he wants to see the bank’s progress in the next six months to be presented in the cabinet, highlighting its role in improving digital and financial literacy.

The app is now available for download on the Apple App Store and Google Play Store. For more information, visit Boost Bank’s website.

Sheyantha Abeykoon, CEO of Boost

Sheyantha Abeykoon

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.

 

By drawing on diverse learnings from across our business, Boost Bank is poised to deliver an unmatched banking experience that intuitively integrates into our 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.”

Fozia Amanulla

Fozia Amanulla

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 today. At the heart of our innovation lies a commitment to pioneering a movement where digital banking is empowering every individual with financial tools that are as intuitive as they are impactful.

 

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. For us, keeping our users in mind has been the cornerstone that guided every aspect of our user journey design, when developing the Boost Bank app.”

The Boost-RHB Digital Bank Consortium, with 60% equity held by Boost and 40% by RHB, was among the five successful license applicants announced by BNM in April 2022, commencing operations in January 2024.