Boost Bank by Axiata and RHB (Boost Bank), a homegrown digital bank, has on Thursday announced the launch of its digital bank app to Malaysians.

Boost Bank said in a statement a unique feature is that all existing Premium Wallet users on the Boost eWallet app, will be able to easily open a Boost Bank account in a seamless onboarding process.

It said this positions Boost Bank at the forefront of embedded banking, that conveniently syncs with Malaysians’ daily routines.

In addition to its captive ecosystem, Boost Bank said itwill also be leveraging marquee partners that it has grown with over the years, to take their propositions to the market.

In the coming months, some partnership promotions that users can look forward to across both West and East Malaysia include CelcomDigi, MYDIN, Bataras Sdn. Bhd., CKS RETAIL
Sdn. Bhd., FARLEY (KCH) Sdn. Bhd., Servay Hypermarket (Sabah) Sdn. Bhd., and Boulevard Hypermarket and Departmental Store Sdn. Bhd, said the bank.

Through these partnerships, Boost Bank said it will 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 to be announced soon, for users who transact with our launch partners.

As the digital bank continues to grow, Boost Bank said it will expand its digital bank app features and solutions to better serve the needs of all Malaysians.

According to the firm, an upcoming product development that is already in the pipeline, which users can look forward to, is the Debit Card.

“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,” said Sheyantha Abeykoon, Group CEO of Boost.

“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,” he added.

Fozia Amanulla, Chief Executive Officer of Boost Bank, added that at the heart of their 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,” she added.

Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group, said that the Boost Bank app will bridge financial inclusion gaps by providing our customers access to digital financial services that are agile and, more importantly, secure.

“This endeavor underscores RHB’s unwavering dedication to enhancing our digital propositions and fostering financial inclusivity for all Malaysians, in alignment with our Sustainability Strategy and Roadmap which aims to empower more than two million individuals and businesses across ASEAN by 2026,” he added.

Vivek Sood, Group Chief Executive Officer and Managing Director of Axiata Group Berhad, said that through Boost Bank, their goal is to enrich the digital banking landscape for those with limited to no access to traditional banking, thus advancing towards a more inclusive digital society.

“Boost Bank will complement the availability of financial products on top of existing Boost eWallet app’s fintech features,

“As Axiata progresses on our Telco-TechCo journey, we remain focused on enhancing our offerings to consumers in digital businesses and creating sustainable value for our shareholders,” he added.

The Boost-RHB Digital Bank Consortium, in which Boost holds 60 percent equity, and RHB owns the remaining 40 percent, was among the five successful license applicants announced by Malaysian Central Bank in April 2022, which then commenced operations following the official regulatory approval earlier this year on January 15.

Boost-RHB Digital Bank Consortium gets approval to commence operations in Malaysia