Boost Bank by Axiata and RHB (Boost Bank) has officially launched its innovative digital banking app, marking a significant milestone in Malaysia’s financial technology landscape.
In an exclusive interview with MARKETECH APAC, Diana Boo, chief marketing officer of Boost, shared exciting details about the launch of Boost Bank’s homegrown digital banking app. She also discussed the app’s innovative embedded onboarding journey and outlined Boost Bank’s long-term strategic goals for advancing the digital banking sector in Malaysia.
Diana Boo, Chief Marketing Officer, of Boost
The start of a long digital journey
Approved by Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF), Boost Bank aims to transform the way Malaysians interact with banking services through its pioneering embedded onboarding journey.
Boost Bank’s launch event was graced by the prime minister, Yang Amat Berhormat Dato’ Seri Anwar bin Ibrahim, and the minister of digital, Yang Berhormat Gobind Singh Deo.
“During the inaugural event, the Prime Minister expressed his confidence that digital banks, like Boost Bank, will drive e-payment transactions and financial literacy for the nation,” Boo recounted.
For Boo, Boost Bank has distinguished itself as an industry pioneer through its innovative ‘embedded onboarding journey’. This unique feature allows existing Premium Wallet users on the Boost eWallet app to seamlessly open a Boost Bank account digitally, even if they do not already have a bank account. Users simply tap on the ‘Bank’ icon on the Boost eWallet app’s homepage and complete a straightforward eKYC and registration process to open their Boost Bank account.
Additionally, Boost Bank is also leveraging strategic partnerships to enhance its offerings. Recently, Boost Bank announced its partnership with MYDIN to offer preferential daily interest rates of up to 4% p.a. on its promotional Savings Jars, called ‘Groceries Jar’, and RM10 cashback on the Boost eWallet app.
“In the coming months, we will unveil even more partnership promotions across both East and West Malaysia, including CelcomDigi, Bataras Sdn. Bhd., CKS RETAIL Sdn. Bhd., FARLEY (KCH) Sdn. Bhd., Servay Hypermarket (Sabah) Sdn. Bhd., and Boulevard Hypermarket and Departmental Store Sdn. Bhd,” Boo revealed.
Embedded banking in daily life
Boo believes that Boost Bank stands out as a frontrunner in the embedded banking industry due to its seamless integration into Malaysians’ daily routines, such as grocery shopping and paying telco bills.
“In summary, we go to our customers,” Boo emphasised. “Our approach is deeply aligned with our founding mission to serve the underserved segments of society by driving greater financial inclusion and creating greater access to banking solutions for the underbanked and unbanked communities.”
Prime Minister Yang Amat Berhormat Dato’ Seri Anwar bin Ibrahim and the Minister of Digital Yang Berhormat Gobind Singh Deo joins the launch.
Boost Bank’s innovative model is further strengthened by its unique combination of the technology-first mindset of a fintech (Boost) with the trust and stability of a large financial institution (RHB Banking Group).
“Capitalising on the combined and extensive ecosystems across the Boost-RHB Digital Bank Consortium, Boost Bank is strategically positioned to unleash the true potential of embedded banking in the long term, for which the entire value chain is estimated by industry research to reach $305 billion in APAC within a few years,” Boo explained.
Boo also pointed to the success of digital banks in broader Asian markets as evidence of the viability of Boost Bank’s model.
“Sustainable models that leverage ecosystems are most likely to succeed,” she noted.
As the Malaysian digital banking landscape continues to evolve, Boost Bank’s objective remains clear.
“Our goal is to create a digital banking experience that is accessible, inclusive, and innovative,” Boo asserted. “This is just the beginning of our journey. Boost Bank will progressively expand our digital bank features and solutions to better serve the needs of all Malaysians, such as our much-anticipated Debit Card.”
