Boost has partnered with UOB Asset Management (Malaysia) to launch BoostMyMoney, a new feature on its e-wallet that allows users to invest in Shariah-compliant unit trust funds.
This initiative aims to make investing more accessible to Malaysians, particularly young adults and those new to the world of investing.
BoostMyMoney offers a low barrier to entry with a minimum investment of RM1 and no lock-in period.
Users can potentially earn returns of up to 3.82% per annum.
This figure is based on historical data up to September 2024 and may vary depending on market conditions and monthly fluctuations.
The feature also offers a reward system where users earn loyalty points for every ringgit invested, which can be redeemed for savings across the BoostUP Loyalty Programme.
The investment offerings includes a rigorous negative screening process to exclude sectors that are considered non-halal, harmful to society and the environment, or those that do not adhere to Shariah-compliant business practices.
To start investing, Boost users can activate BoostMyMoney directly on their e-wallet and complete the simple registration process, which includes e-KYC authentication and account setup.
Once activated, users can track their earnings and transaction history within the app and have the flexibility to withdraw funds to either their Boost eWallet or a verified online banking account.
The collaboration will focus on future initiatives that will introduce innovative investment products on the digital app to encourage saving habits among Malaysians.
Ungku Liza, CEO of Boost Life said,
“By starting small and building consistency, we’re helping users lay the foundation for long-term financial security—embodying the essence of ‘sikit-sikit jadi bukit.’
Our partnership with UOBAM (Malaysia) underscores our commitment to helping Malaysians realize their financial aspirations. Furthermore, expanding this offering within the Boost eWallet app is a key part of our vision to lead the charge in Embedded Banking in Malaysia.”
Lim Suet Ling, CEO of UOBAM Malaysia, said,
“By combining UOBAM’s extensive industry experience with Boost’s proven tech capabilities, BoostMyMoney can be a viable investment solution for the average Malaysian, especially young adults with budget constraints and who are risk-averse, to earn potentially higher returns.
Boost users can also tap on our regional research capabilities and investment processes to provide solutions that are integrated with Shariah considerations.”