KUALA LUMPUR: Axiata Group Bhd's fintech arm Boost, together with its consortium partner RHB Banking Group, has received the approval from Bank Negara Malaysia and the Finance Ministry to commence operations as a digital bank, with effect from Jan 15.
The Boost-RHB digital bank consortium received regulatory approval ahead of the scheduled timeline, following a thorough operational readiness review validated by Bank Negara.
This marks a momentous milestone as the consortium becomes the first primarily Malaysian-owned digital bank to commence operations with a pioneering embedded digital bank app in the local market, designed to meaningfully address financial inclusion gaps for the underserved and unserved.
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), Boost said the consortium 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, it said 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 is Fozia Amanulla, who was recently appointed chief executive officer 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 said she is honoured to be leading the digital bank team as it paves the way, not only for the industry, but for the nation.
Rooted in the fundamental belief that everyone deserves a bright financial future, she said Boost Bank is determined to propel Malaysia into an age of true financial inclusivity, by harnessing the untapped potential of embedded finance with our digital bank.
"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," she said.