Digital banks should increase e-payment transactions, says PM

KUALA LUMPUR: With the help of digital banks, Prime Minister Datuk Seri Anwar Ibrahim is optimistic that the goal of 400 e-payment transactions per capita would be reached before the initial 2026 deadline.

Although there has been a rise in e-payment transactions since 2011, he stated that the majority of Malaysians still do not use the service, and it is the duty of all stakeholders to promote its advantages to them.

Boost Bank, a digital bank, was inaugurated here today.

“This is not a target that is too high and difficult to achieve and I expect that if we have a stronger desire, we should achieve it sooner,” he added in his speech.

RHB Bank and Boost Holdings Sdn Bhd, an indirect subsidiary of Axiata Group Bhd, have a 40:60 stake in Boost Bank, a digital bank.

Anwar stated that in order to hit the goal, the effort must be put in right away and with sincerity.

“Banks should notify customers about new discoveries about digital if they provide them with a lot of general information about banking,” he stated.

The Finance Minister, Anwar, stated that in order for individuals to benefit from the most recent technology advancements, such as artificial intelligence, significant efforts need be taken to ensure that they can assimilate “digital literacy.”

He expressed his desire that the pillars of Boost Bank, Axiata, and RHB would work to educate the public about the available resources so that MSMEs (micro, small, and medium-sized enterprises) and the general public can use them as a top priority.

He stated that the Digital Ministry, led by Minister Gobind Singh Deo, will support the endeavour by providing Boost Bank with appropriate suggestions and ideas. 

Anwar further asked Gobind to submit a report to the Cabinet in six months detailing Boost Bank’s efforts. – BERNAMA