Boost Bank secures regulatory approval to begin operations in Malaysia
New digital bank Boost Bank by Axiata and RHB has secured regulatory approval from Bank Negara Malaysia and Malaysia’s Ministry of Finance to begin operations in the country from 15 January 2024.
Boost Bank lands regulatory approval in Malaysia
The new offering has been formed through a partnership between Malaysian fintech firm Boost and RHB Banking Group. According to the pair, the approval makes Boost Bank “the first primarily Malaysian-owned digital bank to commence operations” in the country.
Boost Bank will now begin its alpha-testing phase, which will involve providing services to internal employees, family, friends, and a select group of customers.
As the digital bank gears up for public launch, it says it will “progressively enhance its product propositions and refine the user experience” as it looks to cater to the “diverse needs” of all Malaysians.
Through a mobile app, Boost Bank aims to offer both personal and business banking services, with the aim of increasing financial inclusion and addressing the needs of the underserved and unserved.
Fozia Amanulla has been appointed as the CEO of Boost Bank and brings more than three decades of banking and financial services experience to the role. She previously worked as deputy CEO of Boost Credit and as chief business development officer for Alliance Bank Malaysia.
“Rooted in the fundamental belief that everyone deserves a bright financial future, we are determined to propel Malaysia into an age of true financial inclusivity, by harnessing the untapped potential of embedded finance with our digital bank,” Amanulla says.
