Insight - Tapping into the potential of digital banking

“The consortium aims to reach a significant portion of these customers in the first five years of operations,’’ said Boost group CEO Sheyantha Abeykoon, quoting studies that showed 66% of Malaysians are keen on digital banking services.

MALAYSIA may be considered an ageing society that is generally less digitally connected than youth but about 38% of Malaysians are expected to have a digital bank account by 2026.

Opportunities in the financially underserved segment – the micro, small and medium enterprises (MSMEs), self-employed individuals within the gig economy and retirees – are drawing groups like the 60:40 Boost-RHB Bank Bhd consortium into this new challenge of digital banking.