09/01/2024 (Malaysia) - Boost, a prominent fintech entity in the region, together with its consortium partner RHB Banking Group (RHB), has officially received the green light from Bank Negara Malaysia (BNM) and the Ministry of Finance Malaysia (MOF) to begin its journey as a digital bank starting January 15, 2024.
This approval marks the Boost-RHB Digital Bank Consortium as the first majority Malaysian-owned digital bank to initiate operations, with a focus on enhancing financial inclusion for underbanked and unbanked communities.
BNM granted the regulatory approval ahead of its scheduled time after a thorough operational readiness audit confirmed the consortium's preparedness. With a robust and resilient infrastructure in place, Boost Bank by Axiata and RHB will now enter an alpha testing phase, involving a select group of individuals including employees, their families, friends, and some customers.
As the bank gears up for its public launch, it aims to progressively refine its product offerings and user experience. This initiative is expected to usher in a new era in Malaysian finance, catering to the diverse needs of the populace.
The consortium has appointed Fozia Amanulla as the Chief Executive Officer (CEO) of Boost Bank. Amanulla, leading a team of experts in various fields such as technology, risk, and compliance, will leverage the fintech prowess of Boost and banking expertise of RHB, along with new industry capabilities.
Vivek Sood, Group Chief Executive Officer and Managing Director of Axiata, emphasized the group's dedication to evolving the digital banking ecosystem, transitioning from digital wallets for over 10 million Boost customers to a broader range of digital banking solutions, especially for those with limited access to traditional banking services.
Sheyantha Abeykoon, Group Chief Executive Officer of Boost, expressed gratitude for the trust and confidence placed in their digital bank by regulators and reiterated the team's commitment to uphold the highest standards in redefining financial services with technology and data.
Fozia Amanulla, speaking on her appointment, shared her honor in leading the digital banking team, aiming to set a precedent in the industry and for the nation. Fozia remarked, "I am honored to lead this exceptional digital banking team as we pave the way not only for the industry but for the entire country."
Mohd Rashid Mohamad, Managing Director/Group Chief Executive Officer of RHB Banking Group, acknowledged the significant step this approval represents in their joint endeavor with Boost to foster a more inclusive financial ecosystem in Malaysia. He expressed confidence in Boost Bank's readiness to lead in the digital financial technology landscape under Amanulla's dynamic leadership and the experienced team.
"Under Fozia's dynamic leadership and with an experienced digital banking team, we are confident Boost Bank is ready to lead the digital financial technology landscape," he said.
The Boost-RHB Digital Bank Consortium, where Boost holds a 60% equity stake and RHB the remaining 40%, was one of the five successful license recipients announced by BNM in April 2022.