Boost Bank launches embedded digital bank app in Malaysia

Boost Bank by Axiata and RHB (Boost Bank), a digital bank approved by Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF), has officially launched its new eWallet app.

The app allows all existing Premium Wallet users on the eWallet to easily open a Boost Bank account online through a digital onboarding process. This positions Boost Bank at the forefront of embedded banking, that conveniently syncs with Malaysians’ daily routines, it said in a statement. 

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Boost Bank is one of the banks in Malaysia that will enable users who do not have an existing bank account to be digitally onboarded. This is in line with its founding mission of reaching out to the underserved and unserved sectors of society.

“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,” said Mohd Rashid Mohamad, group chief executive officer of RHB Banking Group.

In a statement by Boost Bank, it also highlighted partnerships with companies providing daily necessities. Communications conglomerate CelcomDigi and Malaysian Halal hypermarket chain MYDIN are amongst the many partners of Boost Bank which offer promotions aimed at meeting financial needs of the underbanked and unbanked. In particular, partner benefits with MYDIN offer higher promotional interest rates provided a sufficient loyalty rank.

It's existing loyalty program, BoostUP Loyalty Programme, will also be launching a new exclusive rank called “Platinum President” for users who open a Boost Bank account and deposit a minimum of RM2000 into the Boost Bank’s Saving Jar and/or savings account.

“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,” said Sheyantha Abeykoon, group chief executive officer of Boost.

Boost Bank by Axiata and RHB has commenced operations in phases since January 2024. Other major business shifts by Axiata Group this year include its decision to merge telco operations with Sinar Mas in Indonesia.

According to Bloomberg, the owners are discussing the structure of a potential transaction that would create US$3.5 billion entity with about 100 million customers.

A non-binding agreement may be reached in the coming months, said media reports at the time. This will allow the companies to continue negotiations and carry out due diligence.

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