Boost-RHB Digital Bank Receives Malaysian Regulatory Approval to Commence Operations

On January 8, 2024, Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) granted regulatory approval to the Boost-RHB Digital Bank Consortium to begin operations as a licensed digital bank, effective January 15, 2024. The approval arrived ahead of the originally scheduled timeline following a comprehensive review that confirmed the consortium's robust infrastructure, operational readiness, and commitment to financial inclusion. Now operating as Boost Bank by Axiata and RHB, the entity is the first primarily Malaysian-owned digital bank.

The consortium's strategy centers on an embedded digital bank app designed to serve underserved and unbanked market segments. Following the approval, Boost Bank advanced to an alpha-testing phase with employees, family, friends, and select customers. The milestone positions the consortium as a key player in Malaysia's digital banking landscape, which was opened to new entrants through BNM's digital bank licensing framework.

Financial terms of the consortium's capitalization were not disclosed in this announcement.