RHB and Axiata have injected capital into Boost Bank four times, but Boost Bank has not yet opened its accounts to the public.
Boost Bank has received a digital banking license from the National Bank of China, with Axiata holding 60% of Boost Bank and RHB holding 40%.
According to Boost Bank’s official website, Boost Bank will adopt the Loyalty Tier model, i.e. Basic Tier and Platinum Tier, and to upgrade from Basic Tier to Platinum Tier, the user must deposit at least RM2,000 in the account and must deposit at least 25 days per month. At least 25 days per month.
Boost Bank’s website used to list out the interest rates for Basic Tier and Platinum Tier, but now Boost Bank has removed this information from their website. However, it’s safe to say that Platinum Tier users will enjoy a higher interest rate on their deposits than Basic Tier users. The interest will be calculated daily, but it will be paid out on a Weekly basis.
Boost Bank should be officially launched before the end of the first half of the year for Malaysians to sign up for an account, so stay tuned.
