Boost Bank CEO Fozia Amanulla Shapes Inclusive Digital Banking

Boost Bank CEO Fozia Amanulla Shapes Inclusive Digital Banking

by March 8, 2024

As the world marks International Women’s Day, we spotlight the journey of Fozia Amanulla, whose ascent to the helm of Boost Bank as CEO is a narrative of breaking barriers and forging new paths in the predominantly male-dominated banking sector. 

Her leadership embodies a bridge between the analytical rigour of investment banking and the dynamic innovation of digital finance, offering a glimpse into the transformative potential of inclusivity and technology in reshaping banking for the digital era. 

Fozia’s story is not merely one of personal achievement but a testament to the evolving role of women in leading and innovating within critical economic sectors.

The genesis of a leader

Fozia Amanulla’s financial career began with a singular vision: to excel in investment banking. Starting in the niche area of Debt Securities and Sukuk structuring, she quickly established herself as a keen innovator with an acute understanding of market dynamics. 

Fozia AmanullaBoost Bank

Fozia Amanulla

“I began my financial career aspiring to be an investment Banker,”

she shared, reflecting on her early days in Debt Securities and Sukuk structuring.

This foundational period in her career was not just about job roles; it was a personal and professional growth journey, laying the groundwork for her future.

 “This role sharpened my market insight and ability to innovate,”

Fozia recounted, acknowledging the significant impact these early experiences had on shaping her career trajectory.

Progressing through various pivotal roles, Fozia’s leadership spearheading two Islamic Banks in Malaysia was marked by a pioneering spirit.

Here, she unveiled cutting-edge financial products, capturing a significant share of the Islamic banking market. This period of her career was about achieving professional milestones and the profound learning experiences that came with it. 

However, the COVID-19 pandemic brought a new dimension to her journey, highlighting the urgent need for digital transformation in the banking sector. 

Witnessing the challenges faced by personal friends and customers, Fozia spearheaded digital initiatives, laying the foundation for what would become a pivotal shift in her career toward digital banking.

Fozia spearheaded the creation of a B2B and B2C banking marketplace, catalysing her commitment to leveraging digital transformation to address pressing market needs.

 “I recognised the potential of digital transformation,”

she affirmed, delineating the journey that led her to the leadership of Boost Bank.

Catalysing change at Boost Bank

The transition to CEO of Boost Bank marked the culmination of Fozia’s rich career, bringing her diverse experiences to bear on her leadership style. 

Her approach is characterised by a commitment to innovation, responsiveness to market needs, and empowerment of her team. 

“Leading Boost Bank’s development has been a defining career milestone,”

she stated, reflecting on the journey that brought her to the forefront of digital banking in Malaysia.

With Boost Bank now in its alpha-testing phase, Fozia focuses on refining the customer experience, ensuring its offerings are not just technologically advanced but also accessible and meaningful to Malaysians. 

This phase is crucial, as it sets the stage for the public launch, aiming to introduce more relevant products and services while continually enhancing the banking experience.

Fozia explained,

“This phase is dedicated to ensuring our offerings are not only inclusive but also cater to the essential needs of Malaysians.” 

Navigating the digital banking ecosystem

While ripe with opportunities, Malaysia’s digital banking landscape presents unique challenges. 

Fozia pointed out that one such challenge is the misconception that digital banks operate similarly to fintechs. 

She noted,

“The perception today is that a digital bank operates the same way as a fintech.” 

She is determined to redefine this perception, emphasising Boost Bank’s dual nature of fintech agility and traditional banking’s trust and stability. 

“We are the only digital bank that blends the best of fintech innovation with banking wisdom,”

Fozia said, highlighting the bank’s strategic advantage in the market.

Empowering the underserved at Boost Bank

At the heart of Boost Bank’s ethos is a profound commitment to financial inclusivity. For Fozia, serving the underserved isn’t just a corporate mandate; it’s a personal mission. 

 “With Boost Bank, we are committed to serving the underserved,”

Fozia emphasised, pointing towards a future where digital banking is accessible and meaningful for all.

Through Boost Bank, she aims to leverage the bank’s comprehensive fintech ecosystem, including digital payment solutions and AI-based micro-financing, to reach communities traditionally left out of the conventional banking system. 

This initiative reflects her broader vision of creating a more inclusive economic landscape where opportunities for growth and prosperity are accessible to all Malaysians.

Inspiring future leaders

As Fozia steers Boost Bank into a new banking era, her leadership journey is an inspiring model for future generations, especially women looking to make their mark in fintech and banking. 

Fozia’s role at Boost Bank stands not just as a celebration of her achievements but as a beacon of hope and inspiration for women worldwide.

Her narrative underscores visionary women’s transformative impact in redefining industries, challenging established norms, and championing inclusivity and innovation at every step.

This article is part of a series for International Women’s Day on the female leaders of Malaysia’s digibanks. Read more: 

CEO Rafiza Ghazali’s Strategy for KAF-Led Islamic Digital Bank

AEON Bank CEO Raja Teh’s Blueprint to Meet Digital Natives’ Needs

GXBank CEO Pei Si Lai Champions Financial Literacy and Women’s Empowerment