KUALA LUMPUR: Regional fintech leader Boost and UOB Asset Management Malaysia (UOBAM Malaysia) have launched BoostMyMoney, a Shariah-compliant unit trust investment feature on the BoosteWallet app.
With access to UOBAM Malaysia's host of funds under management, users can potentially earn higher returns.
BoostMyMoney is also the first in the market to offer a uniquely rewarding experience of earning loyalty points for every ringgit invested.
This can be redeemed for additional savings across the BoostUp loyalty programne.
The collaboration aims to simplify investments for beginners, offering flexibility and affordability, through the convenience of the Boost e-wallet app.
It will also focus on future initiatives that will introduce innovative investment products on the digital app to encourage saving habits among Malaysians.
Boost Life chief executive officer Ungku Liza said expanding the offering within the Boost e-wallet app is a key part of the company's 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," she said in a statement.
UOBAM Malaysia chief executive officer Lim Suet Ling said the partnership will help encourage wealth building among the digitally-savvy by making investing more affordable,flexible, and accessible.
"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 higherreturns," she noted.
Boost will leverage UOBAM Malaysia's 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 without any lock-in periods, and with a low minimum deposit of RM1.