CEO Fozia Amanulla said the Boost e-wallet ecosystem has a sizeable number of individual and micro, small and medium enterprises (MSMEs) clients, numbering over 10 million users.
“So, our first target customers are those within our ecosystem,” she told a media conference after its digital bank app’s launch today.
In addition to its base in the peninsula, Fozia said Boost is also strong in East Malaysia and will continue to pioneer reaching out to the underbanked and unbanked segments through strategic partnerships.
It said these partners include CelcomDigi, Mydin, Bataras Sdn Bhd, CKS Retail Sdn Bhd, Farley (KCH) Sdn Bhd, Servay Hypermarket (Sabah) Sdn Bhd, and Boulevard Hypermarket and Departmental Store Sdn Bhd.
“So, in addition to just serving those segments, I think the idea is also for us to provide financial literacy and educate these customers,” she added.
Earlier, Prime Minister Anwar Ibrahim called on Boost Bank to make serious efforts to ensure that people can assimilate digital literacy and take advantage of the latest technological developments, including artificial intelligence.
“I hope the components in Boost Bank, Axiata and RHB Bank as the pillars, would make efforts to spread knowledge about the banking facilities so that they can be used by MSMEs and make it their priority,” he said.
The Boost-RHB Digital Bank Consortium, in which Boost, the fintech arm of Axiata, holds 60% equity and RHB owns the remaining 40%, was among the five successful licence applicants announced by Bank Negara Malaysia in April 2022, which then commenced operations following the official regulatory approval earlier this year on Jan 15, 2024.
Anwar said Boost’s efforts will be assisted by the digital ministry, led by its minister Gobind Singh Deo in giving suitable ideas and recommendations to the digital bank.
With the launch of its banking app, Boost became the first digital bank that enables embedded account opening via the Boost eWallet app.
It said, soon it will launch 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 deposit a minimum of RM2,000 into the Boost Bank’s Savings Jar and/or Savings Account, enabling them to receive a promotional daily interest rate of up to 3.6% per annum from now until Aug 31,” it said.
In addition, it said Boost Bank is planning to launch new services, such as a debit card, for consumers in July.