PETALING JAYA: Boost Bank, a local digital bank backed by Axiata Group Bhd
and RHB Bank Bhd, has introduced Malaysia’s first fully digital hire-purchase solution for motorcycle ownership.
The product, known as the Motorbike Loan, was developed in partnership with DCAP Digital Sdn Bhd, an artificial intelligence (AI)-powered lending-as-a-service (LaaS) platform.
Rolled out as a pilot programme in June, it has seen positive traction especially with underserved segments.
Available at selected motorcycle dealers in the country, there are plans to expand the network across Peninsular Malaysia in the coming months.
The Motorbike Loan offers up to 90% financing for mopeds under 250cc with loan tenures of up to five years at fixed annual rates of as much as 10%.
In a statement, Boost Bank pointed out that applications will be processed using an AI-driven approval engine, allowing for faster disbursement compared to traditional lenders.
To help customers manage their loans with confidence, repayments are automated via direct debit through the Boost Bank app, where customers can track and view their repayment status, as well as access annual digital statements, ensuring complete visibility at every step.
The Motorbike Loan also offers full transparency on fees and charges in advance, helping customers plan ahead and make informed decisions on their purchase.
Boost Bank chief executive officer Fozia Amanulla said: “Across first-time buyers, gig workers, and everyday commuters, mobility is a key enabler of opportunity and livelihood, especially within the underserved segment.
“With the launch of our Motorbike Loan, we’re addressing a real, everyday need with a digitally accessible solution that removes friction and empowers more Malaysians to move forward, both literally and financially.”
Meanwhile, DCAP Digital co-founder and chief risk officer Wilson Kok said: “Powered by our proprietary credit engine, this solution delivers a seamless and accessible financing journey while ensuring fair and responsible lending practices.
“With our deep expertise in the motorcycle market and commitment to innovation, we are proud to set a new benchmark for mobility financing that empowers more Malaysians to get on the road.”
