Boost Bank
“Can Malaysia's first homegrown digital bank convert eWallet users into full banking customers via embedded onboarding?”
Founded2023
HQKuala Lumpur, Malaysia
IndustryFintech / Neobank
The story
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.
Last 12 months
—
Product timeline
2023
Boost Bank Berhad incorporated as a JV between Axiata's Boost and RHB Banking Group.· banking
2024
Received regulatory approval from Bank Negara Malaysia and MOF to commence operations on 15 January 2024.· banking
2024
Officially launched digital banking app in Malaysia, featuring embedded account opening via the Boost eWallet.· banking
Regulated entities
1
regulatory licence held by Boost Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Boost Bank’s embedded-finance stack
Banking / BaaS
Boost Bank Berhad (in-house)
Card issuing
in the full report
Lending
in the full report
Accounting gap: none
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.