Boost Bank Launches Digital Banking App:
- Partnership and Establishment:
- Partners: Axiata Group’s fintech firm Boost and RHB Banking Group
- Approval: Obtained from Bank Negara Malaysia and Malaysia’s Ministry of Finance in January
- Target Audience:
- Focus: Serving underbanked and unbanked populations in Malaysia
- Banking Services:
- Offerings: Personal and business banking services
- Accounts: Savings accounts
- Loyalty Programme: Included as part of the services
- Security Features:
- Measures: Cooling-off period for new device logins, freeze account option, and device binding feature for access control
- Unique Features:
- Embedded Account Opening: Via the Boost eWallet app
- Premium Wallet Users: Can open Boost Bank accounts through the app
- Executive Statements:
- Sheyantha Abeykoon (Group CEO of Boost): Emphasized the milestone of becoming a full-fledged digital bank with integrated embedded banking
- Mohd Rashid Mohamad (RHB Banking Group’s Managing Director and CEO): Highlighted the app’s role in bridging financial inclusion gaps with agile and secure digital services
- Future Plans:
- Expansion: Further digital banking features
- Upcoming Offering: Debit card in the pipeline
