Boost Bank by Axiata and RHB (Boost Bank) has been officially launched today, becoming the third digital bank to serve the Malaysian public. Positioned as the first homegrown digital bank in the country, it offers features and perks like daily interest rates of up to 3.6% p.a., as well as a unique embedded onboarding journey for those who are already using the Boost app.

Boost Bank customers are now able to open a savings account and up to eight goal-based Savings Jars, on top of opportunities to tap into a range of exclusive rewards, vouchers, and deals. For the savings account specifically, Boost Bank said that it is one of the few banks in Malaysia that allow users without an existing bank account to be digitally onboarded, although they will be given a partially restricted account with a maximum account limit of RM10,000 (all other features and facilities will still available to them). Their transaction limit per day and per month will also both be limited to less than RM10,000.

Meanwhile, individuals who do have an existing bank account can activate their new Boost Bank savings account by transferring a sum (from RM1 to RM10,000) from their existing account to their new Boost Bank savings account, after which they can enjoy a higher account limit of RM100 million. Additionally, they will have a higher daily transaction limit of RM10,000, with no cap on their monthly transaction limit.

Aside from that, Boost Bank also explained that it will be offering benefits on its platform based on a tier system, with the introduction of a new exclusive rank called Platinum President (as compared to the Basic tier). To achieve this exclusive tier, you will need to deposit a minimum of RM2,000 into your Boost Bank savings account and/or Savings Jars, and this will then entitle you to the following benefits:

• Promotional daily interest rate of up to 3.6% p.a. on your savings account and Savings Jar deposits until 31 August 2024 (up to 3.2% p.a. after the promo period)
• Earn up to 3x Boost Stars for every RM1 spent on eligible transactions upon linking your Boost Bank account with your Boost e-wallet app (upgraded to the highest Gold General rank)
• Additional rewards and offers via Boost Bank’s partners, including higher promotional interest rates with partner benefits on the digital bank’s partners’ Savings Jars

Boost Bank further elaborated on its embedded onboarding journey, where existing Boost e-wallet users can conveniently open a Boost Bank account through the e-wallet app itself, without having to download the Boost Bank app. With this, users won’t have to go through the hassle of another round of identity verification just to open a new account. Note, though, that you must meet certain criteria in order to be able to do this, such as being a Premium Wallet user.

Aside from that, Boost Bank shared that once you’ve linked your Boost Bank account to your Boost e-wallet account, funds on your Boost Bank app can be utilised to perform DuitNow transfers, DuitNow QR payments, and online transactions. Your deposits, meanwhile, will be protected by the Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 – as per required by regulatory standards.

Chief executive officer of Boost Bank, Fozia Amanulla said that the bank has constantly kept its users in mind while designing and developing its app. “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,” she said.

Fozia also shared that Boost Bank will continue to improve its digital bank app with more features and solutions to better serve the needs of all Malaysians. The next product that is set to be rolled out soon is the debit card – sometime in July 2024 – in collaboration with Mastercard.

The Boost Bank app is now available for download from Google Play and the App Store.

• TAGS:
• Boost Bank
• Boost Bank by Axiata and RHB
• Boost Bank Platinum President
• Boost Bank Savings Jars
• Digital Banking
• Digital Banking Licences
• Digital Banking Solutions
• Digital Banks
• Fozia Amanulla