Boost and its consortium partner, RHB Banking Group have informed that they have received official approval from Bank Negara Malaysia and the Ministry of Finance to commence operations as a digital bank, with effect from 15th of January 2024.
The consortium received regulatory approval ahead of the scheduled timeline, following a thorough operational readiness review validated by BNM. Having successfully demonstrated a robust and resilient foundational infrastructure for the digital bank, now formally known as Boost Bank by Axiata and RHB (Boost Bank), the consortium said it 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 to pave the way for a new era of embedded finance tailored to meet the diverse needs of all Malaysians.
Spearheading the team will be Fozia Amanulla, who was recently appointed Chief Executive Officer (CEO) of Boost Bank. She will lead 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.
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.
