How did Malaysia’s ringgit bounce back 3.4pc in four months to the Singapore dollar and will its rise continue?One major hurdle the digital banks will face is earning Malaysians’ trust regarding the safety and security of performing all their banking transactions online, at a time when the country is already grappling with unprecedented financial fraud and scams.
One key benefit is the ability to bank anywhere, be it at home or on the go, eliminating the need geographical barriers that may prevent some from gaining access to banking services. They are Boost Holdings Sdn Bhd and RHB Bank Berhad; GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd; Sea Limited and YTL Digital Capital Sdn Bhd; AEON Financial Service Co, Ltd, AEON Credit Service Berhad and MoneyLion Inc; and KAF Investment Bank Sdn Bhd.
In the world, the Bank of Scotland was the first to provide electronic home banking services to its users dating back to 1985, while the Stanford Federal Credit Union located in California launched the first internet banking website in 1994.The rapid succession of digital bank launches have seen each trying to set itself apart from the crowd.
Boost Bank, the latest, has yet to announce its promotions. Axiata group chief executive officer and managing director Vivek Sood said at the launch that existing Premium Wallet users on the Boost eWallet application would have a seamless process opening and linking a Boost Bank account.