“Can Malaysia's first homegrown digital bank convert eWallet users into full banking customers via embedded onboarding?”
Boost Bank Berhad emerged in 2024 as Malaysia's first primarily domestically owned digital bank, formed through a partnership between Axiata Group's fintech Boost and RHB Banking Group. It targets underbanked and unbanked Malaysian consumers and SMEs, offering savings (Jars), a debit card, and business lending (term loan, revolving credit) via a mobile-first app. A distinguishing feature is embedded account opening for existing Boost eWallet 'Premium Wallet' users, leveraging Axiata's consumer distribution.
Boost Bank discloses Boost Bank Berhad (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Boost Bank does not disclose a bank charter of its own; its banking services are provided through Boost Bank Berhad (in-house).
Boost Bank's cards are issued through Boost Bank Berhad (in-house).
Boost Bank's lending and capital products are provided by Boost Bank Berhad (in-house).
The Embedded Finance Index 2026 maps 3 layers in Boost Bank's stack: Banking / BaaS (Boost Bank Berhad (in-house)); Card issuing (Boost Bank Berhad (in-house)); Lending (Boost Bank Berhad (in-house), Business Term Loan and Business Revolving Credit).
Boost Bank is founded in 2023 and headquartered in Kuala Lumpur, Malaysia.
Get a read on where your own stack stands against Boost Bank and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.