Boost Bank Hits RM700 Million in Deposits in First Six Months

Boost Bank, launched in June 2024 as Malaysia’s first homegrown digital bank, reported over RM700 million in deposits within six months.

Operated under the Boost-RHB Digital Bank Consortium, which holds 60% equity via Boost e-wallet and 40% via RHB Bank, the bank was among five license recipients announced by Bank Negara Malaysia in April 2022 and commenced operations in June 2024.

The launch marks Boost’s transition from an e-wallet provider into a digital bank.

Boost closed 2024 with a Gross Transaction Value (GTV) exceeding RM5.6 billion, supported by its established e-wallet platform that integrates users into its banking services.

Its Shariah-compliant Buy Now, Pay Later (BNPL) solution, Boost PayFlex, disbursed over RM240 million since its launch, with more than 121,000 customers onboarded.

Partnerships with MYDIN, CKS Retail, Servay, Bataras, and CelcomDigi further contributed to its success, accounting for 40% of Boost Bank’s deposits.

Regionally, Boost has expanded its footprint by introducing consumer lending in Indonesia through collaborations and launching financial programmes in Cambodia with Smart Axiata.

These efforts focus on addressing financial inclusion challenges.

Boost’s embedded finance offerings include lending, payment gateways, deposits, and investment products, designed to support a diverse range of user needs.

“2024 was a landmark year for Boost, solidifying our position as a leading fintech player that has now expanded our suite of services to include Banking products and services. Our growth reflects the trust our users and partners have placed in us and the increasing demand for innovative digital financial solutions.

Through our expanding suite of services which now includes lending, payment gateway services, deposits and investment products offered via an embedded finance proposition, we are uniquely positioned to drive meaningful impact for both small businesses and consumers as we transition towards becoming a regional digital banking group,”

said Sheyantha Abeykoon, Group CEO of Boost.

“The launch of Boost Bank represents a significant leap in our journey to redefine financial inclusion. In fact, Boost Bank is not just a milestone for us; it’s a milestone for Malaysia. This is about more than deposits or accounts; it’s about creating a platform that truly empowers individuals and businesses to thrive.

We are proud of our strategic partnerships which have allowed us to reach out to the underserved segment. This has been our key strategy to empower these communities to bank digitally,”

said Fozia Amanulla, CEO of Boost Bank.

Featured image: (Left to right) Gurpreet Khera, Chief Commercial Officer of Boost; Alex Ng, Chief Financial Officer of Boost; Ungku Liza, CEO of Boost Life; Sheyantha Abeykoon, Group CEO of Boost; Fozia Amanulla, CEO of Boost Bank; Ankur Jakhwal, CEO of Boost Connect; Diana Boo, Chief Marketing Officer of Boost; Karthik Bhaskaran, Chief Technology Officer and Regional Head of Consumer Lending of Boost