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Boost Bank officially launches its digital banking app in Malaysia

Boost Bank Launches Digital Banking App:

  1. Partnership and Establishment:
    • Partners: Axiata Group’s fintech firm Boost and RHB Banking Group
    • Approval: Obtained from Bank Negara Malaysia and Malaysia’s Ministry of Finance in January
  2. Target Audience:
    • Focus: Serving underbanked and unbanked populations in Malaysia
  3. Banking Services:
    • Offerings: Personal and business banking services
    • Accounts: Savings accounts
    • Loyalty Programme: Included as part of the services
  4. Security Features:
    • Measures: Cooling-off period for new device logins, freeze account option, and device binding feature for access control
  5. Unique Features:
    • Embedded Account Opening: Via the Boost eWallet app
    • Premium Wallet Users: Can open Boost Bank accounts through the app
  6. Executive Statements:
    • Sheyantha Abeykoon (Group CEO of Boost): Emphasized the milestone of becoming a full-fledged digital bank with integrated embedded banking
    • Mohd Rashid Mohamad (RHB Banking Group’s Managing Director and CEO): Highlighted the app’s role in bridging financial inclusion gaps with agile and secure digital services
  7. Future Plans:
    • Expansion: Further digital banking features
    • Upcoming Offering: Debit card in the pipeline

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