Boost Bank officially launches its digital banking app in Malaysia
New Malaysian digital challenger Boost Bank, established through a partnership between Axiata Group’s fintech firm Boost and RHB Banking Group, has officially launched its digital banking app aimed at serving the country’s underbanked and unbanked populations.
Boost Bank launches its digital banking app
Boost Bank, which obtained regulatory approval from Bank Negara Malaysia and Malaysia’s Ministry of Finance to begin operations in January, aims to offer both personal and business banking services, including savings accounts and a loyalty programme.
The app also offers a range of security measures, including a cooling-off period for new device logins, a freeze account option, and a device binding feature for access control.
Moreover, the company says a “unique feature” of its new app is that it enables “embedded account opening via the Boost eWallet app”, meaning all existing “Premium Wallet” users will be able to open a Boost Bank account through the Boost eWallet app.
Sheyantha Abeykoon, Group CEO of Boost, says the launch of its app “marks a pivotal moment at Boost, as we fully realise our vision of becoming a full-fledged digital bank, and become the first in the market that integrates embedded banking”.
Mohd Rashid Mohamad, RHB Banking Group’s managing director and CEO, states 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”.
Going forward, Boost Bank says it intends to further expand the app’s digital banking features and says a debit card offering is “already in the pipeline”.
