New Digital Bank Officially Launches in Malaysia

Boost Bank, the third digital bank in Malaysia, has officially launched its app after receiving approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF). The highly anticipated launch of Boost Bank has generated excitement among digital bank enthusiasts in Malaysia, with discussions and details circulating online in the lead up to the launch.

The official launch of the Boost Bank app was attended by Prime Minister Datuk Seri Anwar Ibrahim, who highlighted the potential of Boost Bank to support the Madani government’s digital transformation goals. Anwar emphasized the importance of enhancing digital and financial literacy among the population, indicating that Boost Bank could play a key role in achieving this objective.

Fozia Amanulla, CEO of Boost Bank, reiterated the bank’s commitment to financial inclusivity, aiming to onboard users without existing bank accounts onto the digital platform. One innovative feature of the Boost Bank app is the embedded onboarding journey, which streamlines the process for existing Premium Wallet users on the Boost eWallet app to open a Boost Bank account seamlessly.

In addition to the user-friendly onboarding process, Boost Bank offers competitive interest rates on savings accounts, with a special promotional rate of 3.6% p.a. for Platinum President users in the Boost Saving Jars feature. To qualify for this exclusive rank and rate, users simply need to deposit a minimum of RM2000 into their Boost Bank account.

Boost Bank also prioritizes user security and peace of mind, as deposits up to RM250,000 are insured by Perbadanan Insurans Deposit Malaysia (PIDM). While digital banks in Malaysia offer similar features and interest rates, Boost Bank’s integration with the popular Boost e-Wallet ecosystem gives it a potential edge in attracting users.

With a focus on financial inclusivity, innovative features, and strong government support, Boost Bank aims to make a significant impact in the digital banking landscape in Malaysia.