Boost Bank Is Now Officially Online – Daily Interest Rate Up To 3.6%
First digital bank that enables embedded account opening via the Boost eWallet app.
Subscribe to our FREE Newsletter, or Telegram and WhatsApp channels for the latest stories and updates.
Joining the digital banking landscape is Boost Bank which has been officially launched and is now available to download via Google Play Store and Apple App Store.
Boost Bank is brought to you by Axiata and RHB (Boost Bank).
It is a homegrown digital bank approved by Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF).
What makes Boost Bank stand out above the rest is its pioneering embedded onboarding journey, that is now officially open to the public.
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.
Revolutionising Financial Access for the Unbanked and Underbanked
Boost Bank is one of the few banks in Malaysia that will enable users who do not have an existing bank account to be digitally onboarded.
This is in line with their founding mission of reaching out to the underserved and unserved sectors of society.
The unique partnership between Boost and RHB Banking Group, positions Boost Bank as the first digital bank in the market to merge the technology-first mindset of a fintech with the trust and stability of a large financial institution.
This synergy ensures that users enjoy the best of both worlds — innovative financial solutions delivered with the agility of a fintech, whilst providing the reassurance and reliability of a well-established banking institution.
In addition to Boost Bank’s captive ecosystem, they will also be leveraging marquee partners that they have grown with over the years, to take their propositions to the market.
In the coming months, some partnership promotions that users can look forward to across both West and East Malaysia include CelcomDigi, MYDIN, Bataras, CKS RETAIL, FARLEY (KCH), Servay Hypermarket (Sabah) and Boulevard Hypermarket and Departmental Store.
Through these partnerships, Boost Bank will meet the financial needs of the underbanked and unbanked by providing rewards and savings on daily necessities.
Users can also expect higher promotional interest rates to be announced soon, for users who transact with their launch partners.
Securely Maximise Your Savings with Boost Bank
Boost has an existing and award-winning loyalty program for many years, known as the BoostUP Loyalty Programme, that has been well-received in the market.
They are launching a new exclusive rank called “Platinum President” for users who open a Boost Bank account and fulfil certain criteria.
All users need to do is simply deposit a minimum of RM2,000 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.
This is a unique opportunity for users, even those with lower ranks, to immediately leapfrog to Platinum President.
All these are subject to terms and conditions.
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.
Fozia Amanulla, CEO of Boost Bank
There will also be upcoming partnership offers and additional rewards in the coming weeks with MYDIN, whereby users can potentially earn higher promotional interest rates with Partner Benefits on Boost Bank’s partners’ Savings Jars.
Funds on the Boost Bank app can be utilised to perform DuitNow transfers, including to the Boost eWallet app, where it can be used to conduct QR code payments and online transactions nationwide.
Furthermore, in compliance with regulatory standards, each deposit is protected by the Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000.
PIDM provides assurance for users that their funds have a safety net, even during economic crises or unforeseen circumstances.
To safeguard users’ accounts, the Boost Bank app has implemented “Freeze Account” for emergency situations, “Device Binding” for access control, and “Cool-Off Period” for new device logins, as part of its comprehensive security measures.
As an added layer of defence, the digital bank is also supported by a 24/7 Fraud Hotline at +60162999831.
These safety measures are in place to enable users to protect their accounts conveniently and quickly if they suspect unauthorised malicious activities.
As the digital bank continues to grow, Boost Bank will expand its digital bank app features and solutions to better serve the needs of all Malaysians.
An upcoming product development that is already in the pipeline, which users can look forward to, is the Debit Card.
The Boost-RHB Digital Bank Consortium, in which Boost holds 60% equity, and RHB owns the remaining 40%, was among the five successful license applicants announced by BNM in April 2022, which then commenced operations following the official regulatory approval earlier this year on 15 January 2024.
For more information, visit Boost Bank’s website here.
Share your thoughts with us via TRP’s Facebook, Twitter, Instagram, or Threads.
