KUALA LUMPUR: Boost Bank by Axiata and RHB (Boost Bank) is poised to transition its extensive e-wallet ecosystem into a robust banking client base, with profitability projected within the next three to five years.
Chief executive officer Fozia Amanulla said there is a substantial client base currently engaged with the Boost e-wallet ecosystem, with about 10 million users.
"So, our first target customers are those within our ecosystem," she said at the official launch of Boost Bank here, today.
Boost Bank, a digital bank collaboration between Axiata Group Bhd's fintech arm Boost and RHB Banking Group today launched an embedded digital bank app that will allow users who do not have an existing bank account to be digitally onboarded.
In addition to a captive ecosystem, the bank will also be leveraging marquee partners to take its propositions to the market.
It said that in the coming months, users across the country can look forward to partnership promotions with 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.
Meanwhile, Boost group chief executive officer Sheyantha Abeykoon said Boost has become the first in the market that integrates embedded banking effortlessly, and is a testament to the robust fintech ecosystem and track record of excellence the company has established.
By drawing on diverse learnings from across our business, Abeykoon said Boost Bank is poised to deliver an unmatched banking experience that intuitively integrates into our users' daily lives, meeting their needs and cultivating deep, meaningful relationships.
"The future we envision at Boost Bank is one where financial empowerment is guaranteed for all, with our ongoing innovations and strategic partnerships serving as the foundation towards this transformative vision," he added. Ends
