Boost Bank Launches Digital Banking App in Malaysia via Axiata-RHB Partnership

Boost Bank launched its digital banking app in Malaysia in June 2024, marking a significant embedded finance milestone in Southeast Asia. The venture is a partnership between Axiata Group's fintech arm Boost and RHB Banking Group, combining fintech reach with traditional banking infrastructure. Boost Bank received its digital banking regulatory approval from Bank Negara Malaysia in January 2024 and used the intervening months to prepare for its public launch.

The app targets Malaysia's unbanked and underbanked populations with savings accounts and integrated loyalty services, aiming to drive financial inclusion. By embedding banking services within Axiata's existing digital ecosystem, which serves millions of users across Southeast Asia, the partnership leverages a classic BaaS-style model where a licensed bank provides the regulated backbone for a technology-led distribution channel. The launch represents one of the first live digital bank products under Malaysia's new digital banking licensing framework.

Financial terms of the joint venture were not disclosed.