Malaysia-based FinTech firm Boost has partnered mobile service provider CelcomDigi to launch global prepaid card on the Mastercard network in Malaysia.

The Trio said in a statement Thursday that the prepaid card which is called the Beyond Card is the first two-in-one international card in Malaysia, enabling customers to access funds from Boost wallet balance and utilize a pre-approved credit line.

They said the product is the first card in Malaysia with this unique feature and is accepted across Mastercard’s over 100 million merchants worldwide.

The Beyond Card by CelcomDigi and Boost offers Shariah-Compliant flexible payments via a credit facility in a responsible manner, using robust scoring techniques to ensure those offered credit line have the ability to repay.

It also addresses financial inclusion gaps, targeting customers without cards or with basic ones by offering them a premium experience.

Additionally, the card is also the first in Malaysia and Southeast Asia to offer Mastercard Travel Rewards, with qualified customers being able to enjoy attractive rewards.

“This product launch is a successful blend of inclusive financial innovation, coupled with synergistic value unleashed by two flagship Malaysian companies in the Axiata Group,

“It also further strengthens our partnership with Mastercard which is forged under a common objective of bringing new innovations to the financial landscape in Malaysia,” said Sheyantha Abeykoon, Group Chief Executive Officer of Boost.

Meanwhile, CelcomDigi Chief Innovation Officer T Kugan said that this partnership marks a pivotal step towards financial inclusivity together with telecommunications products and services, delivering convenience and rewarding experiences to Malaysian consumers who have progressively shifted to a digital-first approach for many daily lifestyles.

“We remain committed to collaborate with industry leaders and drive digital innovation across Malaysia’s digital ecosystem, further supporting the nation’s digital agenda,” he said.

Mastercard Country Manager for Malaysia and Brunei Beena Pothen said that with the Beyond Card, Malaysians can look forward to an unparalleled travel experience that encompasses the best of culinary, shopping, entertainment and more.

“Research from the Mastercard Economics Institute underscores the value people place on experiences over things, making the integration of the Mastercard Travel Rewards a natural fit with this trend,

“The partnership with Boost and CelcomDigi is a significant milestone in the industry, reflecting the joint dedication to prioritizing consumers’ passions, especially where travel is concerned,” she added.

Through the card’s built-in Shariah-Compliant PayLater option, known as Boost PayFlexTM, users can stretch payments by up to three-month instalments.

Users can also earn up to 3 times Boost Stars for each ringgit spent via Boost PayFlexTM, which are redeemable for savings and discounts through the BoostUP Loyalty Program.

There are no fees applied for local and direct deductions on the Beyond Card.

Each transaction has password protection, and emergencies can be handled with instant card freezing.

Axiata Group’s Fintech Arm, Boost Sets to Accelerate MSMEs’ Financial Inclusion and Digitalization to help the underserved market in Indonesia