Boost eWallet BoostMyMoney with UOB Asset Management - Minimum investment RM1

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 It's in the ewallet, not the digital bank app

 

As expected, Boost eWallet now features Boost My Money, a collaboration between Boost and UOB Asset Management.  Boost eWallet is operated by Axiata Digital, the digital services arm of Axiata Group Berhad, a major telecommunications company based in Malaysia. Axiata Group is one of Asia's largest telco groups, with a presence in multiple countries across the region. Boost is also part of the Boost Group, which comprises various fintech and digital financial services.

At the moment, the only available fund is a Shariah-compliant money market fund managed by UOB Asset Management. More Shariah-compliant funds are expected to be introduced in the future (eg equity, sukuk), similar to the collaboration between Touch 'n Go eWallet and CIMB-Principal. An Islamic Money Market Fund is a low-risk investment fund that follows Shariah law, avoiding interest and speculative practices. It invests in short-term, Shariah-compliant financial instruments like Islamic bonds (Sukuk) and deposits, aiming to provide stable returns while adhering to Islamic financial ethics.




The potential expected profit rate of the fund is around 3.82% per annum. As this is not a fixed deposit fund, the profit rates are just estimated based on average returns from the money market funds.


I tested depositing RM100 into the fund via Boost eWallet. Boost My Money offers a low barrier to entry with a minimum investment of RM1 and no lock-in period. These features are now a must to attract GenZ investors.


Do note that this feature BoostMyMoney is in the Boost eWallet app, it's not in the Boost digital bank app. At the moment BoostMyMoney's 1st promotion is to keep a Minimum Average Balance (MAB) of RM500 in your BoostMyMoney account for at least 9 months to earn up to 3X Boost Stars. Boost Stars are part of Boost eWallet's loyalty rewards program, where users earn points called "Stars" for their transactions. These Stars can be redeemed for various rewards like cashback, vouchers


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