With RM700 million in deposits, embedded banking at scale, and a bold SME strategy, Boost Bank wants to show what it means to be truly inclusive and homegrown.
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When Boost Bank marked its first anniversary, it did so with more than just celebratory cheer.
Behind the milestone lies a busy year of groundwork, experimentation, and learning, all part of building Malaysia’s first truly homegrown digital bank.
The joint venture between Axiata’s fintech arm, Boost and RHB Banking Group set out to do something uncommon: combine fintech’s agility with the credibility and scale of a traditional bank.
And in a market just beginning to embrace digital-only banking, that combination wasn’t guaranteed to click.
Fozia Amanulla, Boost Bank’s founding CEO, is candid about the leap.
With a banking career that spans investment, Islamic, and conventional banking, this role offered something different.
“I can tell you that joining Boost Digital Bank (Boost Bank) is one of the boldest decisions that I’ve made and the most exciting journey of my entire career,” she said in an interview, reflecting on the hybrid experiment they launched.
Grounded by Numbers, Driven by Inclusion
Since going live, Boost Bank has seen over RM700 million in deposits and disbursed over RM150 million in SME financing. A solid early traction, I would say, especially considering the operational go-live happened only last year. But Fozia is quick to point out that metrics only tell part of the story.
The real win, she says, lies in how the bank is reaching users who have long remained outside the system.
Through a simple onboarding flow (which is mainly just a few steps and a selfie), Boost Bank has enabled individuals without prior bank accounts to open one, often without even downloading a separate app.
The feature debuted as part of its embedded experience inside the Boost eWallet.
Fozia Amanulla
“We were happy that it went through really nicely,” she recalled. “We’re the first to come up with it … And we see a portion of our customers today are customers who are really unbanked.“
These unbanked users (though just a small percentage of the population) represent hundreds of thousands of Malaysians.
Getting them into the formal banking space is a central goal of Bank Negara Malaysia’s digital banking framework, and Boost Bank is making its mark here.
Making Embedded Banking Real
While embedded finance is often pitched as the future, Boost Bank is already executing on it in practical ways. Instead of asking users to download yet another app, the bank brought services directly into the Boost eWallet, an app that already had traction in Malaysia’s consumer base.
The long-term idea is clear. If consumers are already active on a platform, let the bank come to them, not the other way around. It’s a strategy that requires both technical infrastructure and regulatory green lights, but the bank has laid the groundwork.
“We’re hoping, in time, that users can do banking wherever they are, without switching apps,” said Fozia.
A significant piece of its growth roadmap is anchored on Malaysia’s micro, small, and medium enterprises (MSMEs), especially the informal, often overlooked businesses such as the warungs, roadside vendors, and home-based entrepreneurs.
Boost Credit had already been serving this segment through micro-lending, but with Boost Bank, the ambition is broader. The bank recently launched SME financing options, including term loans and revolving credit facilities.
But it doesn’t end there.
Fozia shared that a comprehensive SME platform is in the works, designed to give small business owners access to QR payments, digital onboarding, payment to suppliers, and other financial services, all in one place. The idea is to help MSMEs access capital and tools without navigating a maze of systems.
“We’re looking at the SME customer holistically,” she explained. “It’s not just about financing. It’s about giving them everything they need to run and grow their business.”
Competing in a Crowded Market
Malaysia’s digital banking race is heating up.
Three digital banks are already live, with two more preparing to launch. But Fozia said that she is unfazed.
“We all have different segments and strategies,” she said. For Boost Bank, the differentiator is clear: embedded banking—not just in retail, but increasingly in SME segments as well.
Of course, being different isn’t enough on its own.
Like its peers, Boost Bank has a five-year foundational period, during which it is expected to build scale and move toward profitability. It’s a challenging target, but one that Fozia says they’re committed to.
“Achieving our five-year business plan isn’t optional. It’s essential,” she noted.
That plan includes scaling SME lending, expanding embedded partnerships, and rolling out more targeted products for underserved communities.
Still in the Early Chapters
For all the progress, Boost Bank is still at the beginning.
Much of its future success will depend on how well it can scale its innovations. Particularly in embedded banking, and whether it can continue to build trust in segments historically underserved by traditional banks.
So far, I would say that the signs are encouraging.
With a foundation that fuses fintech speed and banking governance, Boost Bank is carving out a model that feels distinct from its peers. Not overly flashy, not undercooked. Just quietly focused on solving real financial gaps.
Yes, it’s still early days, and the road ahead isn’t without competition. But Boost Bank seems comfortable with that.
It wants to play the long game.
Watch the full interview: Boost Bank Turns One, Has it Done Enough? ft. CEO Fozia Amanulla on our YouTube page.
