Boost-RHB Digital Bank gain approval from BNM and MOF to expand in Malaysia

By Gloria Mathias

Boost, a regional FinTech, and its consortium partner, RHB Banking Group (RHB), have received official approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) to commence operations as a digital bank, with effect from the 15th of January 2024.  

This marks a milestone as the consortium is set to commence operations with an embedded digital bank app in the local market, designed to address financial inclusion gaps for the underserved and unserved. 

The Boost-RHB Digital Bank 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 will advance into the alpha-testing phase involving internal employees, family, friends, and a selected group of customers.

Foreseeing public launch, the digital bank will progressively enhance its product propositions and refine the user experience to pave the way for embedded finance tailored to meet the diverse needs of all Malaysians.   

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. 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.” 

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.”