Axiata’s banking unit Boost Bank launched its mobile app after gaining approval only five months ago from regulators to launch digital services.
The app was approved by the Ministry of Finance and Bank Negara Malaysia (BNM), Malaysia’s central bank.
In statement, Boost Bank said the all existing premium wallet users on the Boost eWallet app will be able to open a Boost Bank account. It can be downloaded on the App Store and Google Play Store.
Boost Bank will work with local partners to launch promotions and rewards to “meet the financial needs of the underbanked and unbanked” in Malaysia. It will also run a promo of high interest rates for those that transact with launch partners.
The company’s fintech arm Boost Holdings had around 10 million e-wallet customers in Malaysia in January.
Vivek Sood, Axiata Group CEO and Managing Director said: “The launch of Boost Bank is a key milestone as we improve accessibility of financial services for the people of Malaysia. Through Boost Bank, our goal is to enrich the digital banking landscape for those with limited to no access to traditional banking, thus advancing towards a more inclusive digital society.”
Boost and RHB Bank respectively hold 60% and 40% stakes in the bank. Boost Bank was among five successful applicants granted digital banking licenses by BNM in 2022.
