Parkson Credit and Boost Bank have formed a partnership to bring financing, insurance, and savings accounts to Malaysians who have a hard time getting these products from traditional banks. Under the arrangement, a customer applying for one product through either company can be offered products from the other company, without filling in a fresh application somewhere else.
What Boost Bank And Parkson Credit Will Offer Customers
The partnership covers financing, insurance, and current or savings accounts. Applications would go through digital channels, with what both companies describe as a simplified sign-up process.
Neither company has said which specific products will be launched, when they will be available, or what rates and fees will apply. Parkson Credit Chief Executive Officer Danny Poh said the partnership would help both companies reach communities that banks tend to skip, while Boost Bank Chief Executive Officer Fozia Amanulla said the aim is to fit banking into customers’ daily routines.
Who Are Parkson Credit And Boost Bank?
Parkson Credit has been lending to Malaysian consumers since 2014, and much of its business is in motorcycle hire purchase, with electric vehicle financing added more recently. Its customers are mostly people buying a motorcycle through a dealer and paying it off in monthly instalments.
Boost Bank is the digital bank backed by Axiata and RHB, and it launched to the public in June 2024. It runs entirely through an app, lets you open an account with as little as RM1, and offers goal-based Savings Jars alongside a regular savings account. It has also been running promotional rates and cashback campaigns to draw deposits since then.
How Credit History Affects Your Loan And Financing Applications
If you are paid in cash, work gig jobs, run a small stall, or have never taken out a loan, you may have almost no credit history for a bank to look at. That makes even a basic savings account or a small amount of financing harder to get, because the bank has no repayment record to check.
Boost Bank already allows sign-ups without an existing bank account, though those accounts start with a lower balance limit until they are fully verified. Pairing that with Parkson Credit’s financing means someone who has only ever dealt with a hire purchase agreement could end up with a savings account, and someone with a Boost Bank account could be offered financing based on how they use it. Paying those instalments on time puts a record into your CCRIS credit report, which banks check when you apply for a car or home loan later.
Until products, rates, and launch dates are announced, existing Boost Bank account holders keep the same account, and Parkson Credit borrowers keep the same repayment terms. When the offers do arrive, compare the profit or interest rate and the total repayment amount against what other banks are charging before you sign anything.
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The post Boost Bank Partners Parkson Credit For Financing, Insurance, And Savings Accounts appeared first on RinggitPlus.
