09 January 2024

Boost Bank ~ 1st primarily Malaysian-owned Digital Bank with a pioneering embedded Digital Bank app

Following the commencement of our first digital bank to launch in Malaysia ~ GXBank (click here to read), we are now expecting the next one to follow ~ Boost Bank ðŸ’–💖💖

Boost Bank

Dubbed as the 1st primarily Malaysian-owned digital bank with a pioneering embedded digital bank app, Boost Bank has officially received Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) approval to commence operations as a digital bank with effect from 15th January, 2024.

The Boost-RHB Digital Bank Consortium received regulatory approval ahead of the scheduled timeline, following a thorough operational readiness review validated by BNM.

More info...

Having successfully demonstrated a robust and resilient foundational infrastructure for the digital bank, now formally known as Boost Bank by Axiata and RHB (Boost Bank), the consortium will advance into the alpha-testing phase involving internal employees, family, friends, and a selected group of customers.

In the lead-up to the public launch, the digital bank will progressively enhance its product propositions and refine the user experience to pave the way for a new era of embedded finance tailored to meet the diverse needs of all Malaysians. 

Boost-RHB Digital Bank Consortium Secures Regulatory Approval from BNM and MOF to Commence Operations in Malaysia

Spearheading the team is Fozia Amanulla, who was recently appointed Chief Executive Officer (CEO) of Boost Bank. 🙌🙌🙌 She leads an experienced digital bank team, encompassing expertise across technology, information security, product, risk & compliance, and more - leveraging fintech talent from Boost, banking expertise from RHB, and new capabilities from the wider industry.
Quick recap:

The Boost-RHB Digital Bank Consortium, in which Boost holds 60% equity, and RHB owns the remaining 40%, was among the 5 successful license applicants announced by BNM in April 2022.

Boost Bank Alpha Launch

The Alpha testing is opened by invitation to a select group of customers, to pave the way for a new era of banking that serves all Malaysians.

Excited? Watch this space for updates coming your way soon!

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