Boost Bank launches digital app for underserved Malaysians

Deposits are protected for $53,234.

Boost Bank, a collaboration between Axiata and RHB, has unveiled its first embedded digital app. The move, approved by Bank Negara Malaysia and the Ministry of Finance, aims to serve the underserved and unserved segments of Malaysia. 

Boost Bank will collaborate with partners to offer promotions and rewards to users across West and East Malaysia. 

Users who open a Boost Bank account and fulfil certain criteria will qualify for exclusive rewards, including the "Platinum President" rank, offering promotional daily interest rates of up to 3.6% p.a. Users can expect additional rewards and benefits through partnership offers.

Boost Bank prioritises user security, implementing comprehensive measures such as account freezing, device binding, and cool-off periods for new device logins.

Additionally, funds deposited in Boost Bank are protected by Perbadanan Insurans Deposit Malaysia (PIDM) for up to $53,234 (RM250,000).

($1.00 = RM4.70)