Boost Bank by Axiata and RHB (Boost Bank) has officially launched of its app in Malaysia, with a pioneering embedded onboarding journey. The launch event was held at MITEC with the presence of YAB Dato’ Seri Anwar Bin Ibrahim, Prime Minister of Malaysia and YB Tuan Gobind Singh Deo, Digital Minister.
A unique feature is the fact 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. This positions Boost Bank at the forefront of embedded banking, that conveniently syncs with Malaysians’ daily routines.
Boost Bank, a Malaysian bank, is partnering with RHB Banking Group to offer digital onboarding for users without existing bank accounts. This move aligns with Boost’s mission to serve underserved and unserved sectors. The bank combines fintech technology with the stability of a large financial institution, offering innovative financial solutions with fintech agility. Boost Bank will also leverage its captive ecosystem and partnerships with notable companies like CelcomDigi, MYDIN, Bataras, CKS RETAIL, FARLEY (KCH), Servay Hypermarket (Sabah), and Boulevard Hypermarket and Departmental Store. These partnerships will provide rewards and savings on daily necessities, catering to the financial needs of the underbanked and unbanked. Users can expect higher promotional interest rates for transactions with launch partners.
Boost Bank is launching a new exclusive rank called “Platinum President” for users who open a Boost Bank account and meet certain criteria. All users need to do is simply deposit a minimum of RM2000 into the Boost Bank’s Savings Jar and/or Savings Account, where they can receive promotional daily interest rate of up to 3.6% p.a. from now until 31 August*.
After the promotional period, the daily standard Savings Jars interest rates will be 3.2% p.a. for Platinum President users*. Those that rank up to Platinum President on the Boost Bank app will be automatically upgraded to the highest rank on the Boost eWallet app as well to earn up to 3x Boost Stars for every ringgit spent on eligible transactions, upon successful linking of the two apps*.
Boost Bank is also partnering with MYDIN, offering higher promotional interest rates with Partner Benefits on partners’ Savings Jars. Funds on the Boost Bank app can be used for DuitNow transfers and online transactions nationwide.
| Loyalty Rank | Boost Bank’s Savings Jars Daily Interest Rate (Weekly Return)* | Boost eWallet app’s Boost Star Earnings* |
| Platinum President with Partner Benefits | Higher promotional interest rates coming soon | 3x on eligible transactions |
| Platinum President | 3.6% p.a. from 6 June to 31 August, during promotional period(Standard rate: 3.2%) | 3x on eligible transactions |
| All Other Loyalty Tiers | 1.5% p.a.(Fast-track to Platinum President rank by depositing RM2000) | 1x on eligible transactions |
Boost Bank offers a safety net for users’ deposits, with the Perbadanan Insurans Deposit Malaysia (PIDM) protecting up to RM250,000*. The app also includes features like ‘Freeze Account’ for emergencies, ‘Device Binding’ for access control, and ‘Cool-Off Period’ for new device logins. Additionally, a 24/7 Fraud Hotline at +60162999831 is available for quick protection in case of unauthorized malicious activities. These measures ensure users’ funds are secure during economic crises or unforeseen circumstances.
Boost Bank plans to expand its digital bank app features and solutions to better serve Malaysians. The company is also developing a Debit Card. The Boost-RHB Digital Bank Consortium, with Boost holding 60% equity and RHB 40%, was among five successful license applicants announced by BNM in April 2022. The consortium began operations on January 15th, 2024, following regulatory approval.
Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad, shared: “At Axiata, we are dedicated to growing an inclusive and robust digital banking ecosystem in Malaysia. The launch of Boost Bank is a key milestone as we improve accessibility of financial services for the people of Malaysia. Through Boost Bank, our 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.”
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, 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.”
Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group, stated: “We are honoured to be part of this historical milestone, which marks a new era in Malaysia’s financial services landscape. Boost Bank represents more than just digital banking; it signifies the creation of a resilient and inclusive financial ecosystem. Together with Boost, we are pioneering a path that embraces innovation and addresses evolving customer needs, particularly those of the underserved and unserved communities. 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 endeavour 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.”