Azanis Shahila Aman
KUALA LUMPUR: Malaysia could reach the goal of 400 e-payment transactions per capita sooner than expected, said Prime Minister Datuk Seri Anwar Ibrahim.
Malaysia currently has a target to achieve this by 2026.
Despite acknowledging the current low level of per capita transactions, Anwar emphasised the potential for improvement through the collective efforts of digital banks.
Highlighting the importance of inclusivity in the financial sector, Anwar lauded Boost Bank for its efforts in offering services that cater to diverse demographics.
"The target is not that high, but I anticipate it can be achieved earlier with the efforts of digital banks. I called upon key players in the industry, such as Axiata and RHB, to intensify their efforts in promoting the advantages of Boost Bank and expanding its benefits to all segments of society," he said at the official launch of Boost Bank here, today.
According to Anwar, serious efforts should be made to ensure that the people are able to assimilate "digital literacy" in order to take advantage of the latest technological developments including artificial intelligence.
He said the effort will be assisted by the Digital Ministry under its Minister Gobind Singh Deo in giving suitable ideas and recommendations to Boost Bank.
In addition, Anwar also requested that a report on the efforts made by Boost Bank be presented by Gobind to the Cabinet within six months.
Boost Bank is one of the few banks in Malaysia that will enable users who do not have an existing bank account to be digitally onboarded.
The unique 40:60 digital bank venture by RHB Bank and Boost Holdings Sdn Bhd, positions Boost Bank as the first digital bank in the market to merge the technology-first mindset of a fintech with the trust and stability of a large financial institution.
This synergy ensures that users enjoy the best of both worlds — innovative financial solutions delivered with the agility of a fintech, whilst providing the reassurance and reliability of a well-established banking institution.
Boost Bank chief executive officer Fozia Amanulla said through its synergy with Boost's technological expertise and RHB Banking Group's rich legacy, Boost is offering more than just banking services, but a financial journey that's seamlessly integrated and profoundly accessible.
"For us, keeping our users in mind has been the cornerstone that guided every aspect of our user journey design, when developing the Boost Bank app," added Fozia.