Boost Life CEO Ungku Liza (left) and UOBAM Malaysia CEO Lim Suet Ling (right).
KUALA LUMPUR: Boost, a regional fintech leader, and UOB Asset Management (M) Bhd (UOBAM Malaysia) have launched BoostMyMoney, a Shariah-compliant unit trust investment feature on the Boost eWallet app.
In a joint statement, it said BoostMyMoney is the first in the market to offer a unique experience, rewarding users with loyalty points for every ringgit invested, which can be redeemed for additional savings through the BoostUP Loyalty Programme.
It said BoostMyMoney enabled Boost to tap into UOBAM (Malaysia)’s expertise in fund management to encourage tech-savvy Malaysians, particularly the young and risk-averse, to build their savings. The feature offers up to 3.82% per annum returns, with no lock-in period and a low minimum deposit of just 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.
“At Boost, we have the privilege of serving Malaysians from all walks of life, but it’s particularly meaningful to see how the younger generation has embraced our platform. We understand that for many, the barriers to investing—whether due to limited experience or resources—can seem overwhelming. That’s why we created BoostMyMoney: to democratise investing by making it simple, accessible, and rewarding for everyone.
“By starting small and building consistency, we’re helping users 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,” Boost Life CEO Ungku Liza said in the statement.
Meanwhile, UOBAM Malaysia CEO Lim Suet Ling: “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. Boost users can also tap on our regional research capabilities and investment processes to provide solutions that are integrated with Shariah considerations.”
