KUCHING: Boost and UOB Asset Management (Malaysia) have launched BoostMyMoney, a Shariah-compliant unit trust investment feature available on the Boost eWallet app.
In a statement it said with access to UOBAM’s (Malaysia) host of funds users can potentially earn higher returns.
Furthermore, it added, BoostMyMoney is also the first in the market to offer a uniquely rewarding experience of earning Loyalty Points for every ringgit invested, which can be redeemed for additional savings across the BoostUP Loyalty Programme.
“The collaboration between Boost and UOBAM (Malaysia) strives to simplify investments for beginners, offering flexibility and affordability, through the convenience of the Boost eWallet app.
“The collaboration will also focus on future initiatives that will introduce innovative investment products on the digital app to encourage saving habits among Malaysians,” it said.
It pointed out that with BoostMyMoney, Boost will leverage UOBAM’s (Malaysia) fund management experience and expertise to encourage tech-savvy Malaysians, especially among the young and risk-averse, to grow their nest eggs.
“BoostMyMoney offers up to 3.82 per cent returns per annum (p.a) without any lock-in periods, and with a low minimum deposit of RM1.
“The current rate of return is based on historical data, as of September 2024, and future rates may vary depending on monthly fluctuations and market conditions.
Boost Life chief executive officer Ungku Liza said that the creation of BoostMyMoney is to democratise investing by making it simple, accessible, and rewarding for everyone.
She added that by starting small and building consistency, users will be able to lay the foundation for long-term financial security—embodying the essence of ‘sikit-sikit jadi bukit.’
“Our partnership with UOBAM (Malaysia) underscores our commitment to helping Malaysians realise their financial aspirations.
“Furthermore, expanding this offering within the Boost eWallet app is a key part of our vision to lead the charge in Embedded Banking in Malaysia.
“By integrating financial services directly into the app, we remove the friction of managing multiple platforms, making it effortless for our users to take control of their financial futures. This is how we continue to redefine the financial landscape, ensuring that innovation is not just about technology, but about bringing meaningful impact to all our customers,” she said.
Meanwhile, UOBAM Malaysia chief executive officer Lim Suet Ling expressed excitement over their collaboration with Boost to encourage wealth building among the digitally-savvy by making investing more affordable, flexible and accessible.
She pointed out that by combining UOBAM’s extensive industry experience with Boost’s proven tech capabilities, BoostMyMoney can be a viable investment solution for the average Malaysian, especially young adults with budget constraints and who are risk-averse, to earn potentially higher returns.
On top of that, she added, Boost users can also tap on its regional research capabilities and investment processes to provide solutions that are integrated with Shariah considerations.
“Additionally, Shariah-compliant funds that demonstrate good stewardship of transparency and governance will potentially create a stronger portfolio for investors’ long-term strategy.
“It incorporates negative screening to exclude sectors that do harm to society and the environment, as well as those considered as non-halal or non-permissible under Shariah.”
To access the feature, users can tap on the ‘BoostMyMoney’ button on the homepage of the Boost eWallet app, then complete the necessary activation process.
It includes an e-KYC authentication, a detailed contract agreement, account profile set-up, and more.
Once successfully completed, Boost users can then make their deposits into BoostMyMoney accordingly through the Boost eWallet app.
Upon confirmation of deposits, users can conveniently track their earnings and transaction history on the BoostMyMoney page.
Users will also have the flexibility to withdraw their funds and earnings to either their Boost eWallet app or a verified online banking account.
For more information on the BoostMyMoney feature, users may visit https://link.myboost.co/boostmymoney\
