Boost Bank Helps Underbanked & Unbanked Access Banking Services

Premium Wallet users can now open a Boost Bank account through the app, offering a streamlined onboarding experience for easier access to banking services.
(credit: Boost Bank)

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Boost Bank, Malaysia’s first homegrown digital bank by Axiata and RHB (Boost Bank), officially launched its app to offer locals a seamless account opening experience via its e-wallet.

Premium Wallet users can now open a Boost Bank account through the app, providing an embedded onboarding experience and easier access to banking services.

Targeting the underbanked and unbanked, this initiative helps users access banking services through strategic partnerships.

Underbanked refers to individuals who have limited access to traditional financial services, while unbanked refers to those who do not have any access to such services at all.

(credit: Boost Bank)

The app features robust security measures, including a ‘Freeze Account’ option, ‘Device Binding’ for access control, and a ‘Cool-Off Period’ for new device logins.

A 24/7 fraud hotline is available for any suspected unauthorised activities. Boost Bank also plans to expand its app features, including introducing a debit card.

To further support financial inclusion, Boost Bank has partnered with several well-known retailers, including CelcomDigi, MYDIN, Bataras Sdn Bhd, and others.

These partnerships offer users rewards and savings on everyday items and promotional interest rates for transactions with these partners.

Users can expect higher promotional interest rates to be announced soon for transactions with launch partners.

In compliance with regulatory standards, Perbadanan Insurans Deposit Malaysia (PIDM) protects deposits up to RM250,000, ensuring user funds are safeguarded.

The Boost Bank app is now available for download on the Apple App Store and Google Play Store. For more information, you can visit Boost Bank’s website here.

Prime Minister Advocates for Digital Banks to Drive E-Payment Growth

Prime Minister Datuk Seri Anwar Ibrahim is confident that the target of 400 e-payment transactions per capita can be achieved before the original 2026 goal through the efforts of digital banks.

He noted that while e-payment transactions have increased since 2011, they remain low, and emphasised the importance of spreading the benefits of e-payments to all Malaysians, according to Bernama.

Anwar urged immediate and earnest efforts to meet the target, highlighting the need for banks to educate consumers about digital banking and new technological developments, including artificial intelligence.

He specifically called on Boost Bank, Axiata, and RHB to prioritise educating micro, small, and medium enterprises (MSMEs) and the public.

Anwar also requested a report on these efforts from Digital Minister Gobind Singh Deo to be presented to the Cabinet within six months.

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