{"id":60675,"date":"2024-01-09T13:53:51","date_gmt":"2024-01-09T05:53:51","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=60675"},"modified":"2024-01-09T13:53:51","modified_gmt":"2024-01-09T05:53:51","slug":"boost-bank-launch","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/boost-bank-launch","title":{"rendered":"Boost Bank Gets Official Approval To Start Operations"},"content":{"rendered":"

Boost, a regional fintech leader, and its consortium partner, RHB Banking Group (RHB), have been given official approval to start operations. Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) have given the greenlight to begin operations as a digital bank, starting from 15 January 2024.<\/span><\/p>\n

The consortium will become the first primarily Malaysian-owned digital bank to commence operations with a pioneering embedded digital bank app in the local market. According to the joint press release from Boost and RHB Bank, the new digital bank aims to address financial inclusion gaps for the underserved and unserved.<\/span><\/p>\n

<\/span>Boost Bank to start alpha-testing<\/span><\/h2>\n

According to the press release, the Boost-RHB Digital Bank Consortium had managed to receive approval ahead of schedule, following a thorough operational readiness review validated by BNM.\u00a0<\/span><\/p>\n

The digital bank, now formally known as Boost Bank by Axiata and RHB (Boost Bank), will soon begin an alpha-testing phase.\u00a0 <\/span><\/p>\n

This phase will involve internal employees, family, friends, and a selected group of customers. This will help to further refine the customer experience ahead of its public launch.<\/span><\/p>\n

<\/span>Enable digital wallets for over 10 million Boost customers<\/span><\/h2>\n

\u201cAxiata is committed to nurturing a dynamic digital banking ecosystem, from enabling digital wallets for over 10 million Boost customers to introducing more innovative digital banking solutions to the underserved and unserved segments of Malaysian society,\u201d said Vivek Sood, Group CEO of Axiata Group Berhad.<\/span><\/p>\n

\u201cThis landmark achievement is a culmination of the symbiotic and strategic partnership between a leading fintech and successful financial institution with substantial ecosystems, united by a shared vision to drive greater financial inclusion,\u201d said Sheyantha Abeykoon, Group CEO of Boost.<\/span><\/p>\n

<\/span>Towards a more inclusive financial ecosystem<\/span><\/h2>\n

Spearheading the new digital bank will be the newly appointed Chief Executive Officer (CEO) of Boost Bank, Fozia Amanulla.<\/p>\n

\u201cRooted in the fundamental belief that everyone deserves a bright financial future, we are determined to propel Malaysia into an age of true financial inclusivity, by harnessing the untapped potential of embedded finance with our digital bank,\u201d said Fozia Amanulla, CEO of Boost Bank.<\/span><\/p>\n

\u201cThe 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,\u201d said Mohd Rashid Mohamad, Group Managing Director\/Group Chief Executive Officer of RHB Banking Group.<\/span><\/p>\n

The Boost-RHB Digital Bank Consortium, in which Boost holds 60% equity, and RHB owns the remaining 40%, was among the 5 successful license applicants announced by BNM in April 2022.<\/span><\/p>\n

Read More: What Do Digital Banks Offer Customers Compared To Traditional Banks?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The bank can commence operations as early as 15 January 2024.<\/p>\n","protected":false},"author":58,"featured_media":60676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216],"tags":[425,1680,521,297,522,457,984,1884,1883,982,406,402],"class_list":["post-60675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates","tag-axiata","tag-bank","tag-bank-negara-malaysia","tag-banking","tag-bnm","tag-boost","tag-digital-bank","tag-ministry-of-finance","tag-mof","tag-news","tag-online-banking","tag-rhb"],"acf":[],"yoast_head":"\nBoost Bank To Start Operations On January 15<\/title>\n<meta name=\"description\" content=\"Boost-RHB Digital Bank Consortium has been granted approval from BNM and the MOF and will be starting alpha-testing with selected customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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