Boost and its consortium partner, RHB Banking Group (RHB), received official approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) to commence operations as a digital bank, with effect from 15th of January 2024. The consortium will be operating under the brand name Boost Bank
The Boost-RHB consortium is the second digital bank to receive approval to begin operations following GXBank’s announcement in September 2023
According to their press release, they received regulatory approval ahead of the scheduled timeline, following a thorough operational readiness review validated by BNM.
The digital bank 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 with the aim of paving the way for a new era of embedded finance tailored to meet the diverse needs of all Malaysians.
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.
Fozia Amanulla, CEO of Boost Bank, added:
“I am truly humbled and honoured to be leading this remarkable digital bank team as we pave the way, not only for the industry, but for the entire nation. 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. Backed by the consortium’s combined ecosystem and wealth of data, we are uniquely positioned to offer embedded finance. I would like to thank the regulators for their continuous support and guidance.”
Sheyantha Abeykoon, Group CEO of Boost, said:
“We are appreciative for the regulators’ trust and confidence in our digital bank, and remain committed to upholding the highest standards as we reimagine financial services responsibly, through the power of technology and data. This landmark achievement is a culmination of the symbiotic and strategic partnership between a leading fintech and successful financial institution with substantial ecosystems, united by a shared vision to drive greater financial inclusion. It is a monumental triumph that underscores the capabilities of our pioneering team, that built the bank from scratch. Our people are at the core of our innovation, and I have every confidence that the team will make our digital bank vision into reality.”
Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group, stated:
“The approval received from Bank Negara Malaysia and the Ministry of Finance marks a significant milestone in our joint commitment with Boost to foster a more inclusive financial ecosystem, especially for the underserved businesses and individuals in Malaysia. Under the dynamic leadership of Puan Fozia Amanulla and her experienced digital banking team, we are confident that Boost Bank is poised to take the lead in the digital fintech landscape. Together, we make progress happen for everyone, towards ensuring a robust and inclusive financial ecosystem that will benefit everyone in our diverse community.”
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. As the consortium commences its operations in phases following the completion of the operational readiness audit, Malaysia is poised to unlock the benefits of greater financial inclusion.
