Draft:Boost Bank
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| Type | Digital bank |
|---|---|
| Founded | 2024 |
| Headquarters | Kuala Lumpur |
Area served | Malaysia |
| Key people | David Lau Nai Pek Chairman Fozia Amanulla CEO |
| Services | Consumer Banking Corporate Banking Insurance |
| Parent | Boost Holdings Sdn Bhd |
| Website | https://myboostbank.co |
Boost Bank Berhad (trading as Boost Bank) is a Malaysian digital bank headquartered in Kuala Lumpur. It is a subsidiary of Boost Holdings Sdn Bhd, a fintech company that is jointly owned by Axiata Group Berhad and RHB Bank. The bank was among the five recipients of digital banking licences awarded by Bank Negara Malaysia in 2022 and commenced operations in 2024. The bank provides a range of digital banking products to individual and micro, small, medium enterprise (MSME) customers.[1] According to The Edge Malaysia, Boost Bank is the first digital bank in Malaysia that offers MSME financing.[2]
History
[edit]In 2022, Bank Negara Malaysia, Malaysia’s central bank, announced the successful applicants for the country’s digital banking licences. Of the 29 applications submitted and evaluated, five consortiums were granted licences to establish and operate digital banks in Malaysia, including Boost Bank.[3]
The bank received approval from Bank Negara Malaysia and the Ministry of Finance (Malaysia) to commence its business operations in 2024.
As a digital bank, Boost Bank does not operate any physical branches or outlets.
Development
[edit]According to The Banker, Boost leveraged its existing e-wallet and lending businesses when expanding into digital banking.[4]
Boost Bank's mobile application was officially launched by Anwar Ibrahim, Prime Minister of Malaysia on 6 June 2024.[5] During the launch event, Prime Minister Anwar Ibrahim stated that the progress and impact of Malaysia's digital banks, including Boost Bank, would be reviewed by the government within six months.[6] Within the first six months of operations, the bank recorded RM700 million in deposits and over 65 per cent of the new customers registered on Boost Bank hail from underserved and unbanked segments.[7]
In 2025, Boost Bank partnered with CGC Digital to offer term loans and revolving credit facilities worth RM130 million to micro, small, and medium enterprises in Malaysia.[8]
In 2026, Boost Bank and Funding Societies announced a collaboration to offer property-backed business financing to Malaysian SMEs and explore additional financing solutions for underserved business segments.[9] It introduced agentic artificial intelligence capabilities to its Boba AI platform, enabling customers to conduct selected banking activities through chat and voice interfaces.[10] In August 2026, Boost launched Boost SME, a digital business banking platform that integrates banking, payments and financing services for Malaysian small and medium-sized enterprises.[11]
See also
[edit]
References
[edit]- ↑ "New Boost platform to streamline SME banking". The Star. 19 August 2026. Retrieved 17 September 2026.
- ↑ "Boost Bank says disbursed RM150 mil in loans to SMEs". The Edge Malaysia. 6 May 2025. Retrieved 17 September 2026.
- ↑ "Five successful applicants for the digital bank licenses". Bank Negara Malaysia. 29 April 2022. Retrieved 17 September 2026.
- ↑ O'Farrell, Seth (24 July 2025). "How Boost made the leap from payments app to digital bank". The Banker. Retrieved 17 September 2026.
- ↑ "Malaysia's First Homegrown Digital Bank - Boost Bank - Has Officially Launched". Fintech News Malaysia. 6 June 2024. Retrieved 17 September 2026.
- ↑ "PM Anwar wants digital banks to boost e-payment transactions". Malay Mail. 6 June 2024. Retrieved 18 September 2026.
- ↑ Aman, Azanis Shahila (21 January 2025). "Boost Bank draws in RM700mil deposits within six months". New Straits Times. Retrieved 18 September 2026.
- ↑ Safian, Nabiha (20 March 2025). "Boost Bank, CGC Digital partner to offer RM130mil to MSMEs". New Straits Times. Retrieved 18 September 2026.
- ↑ "Funding Societies and Boost Bank team up to broaden access to property-backed financing for MSMEs". The Sun. 18 May 2026. Retrieved 18 September 2026.
- ↑ "AI moves beyond assistance: Boost". New Straits Times. 6 July 2026. Retrieved 17 September 2026.
- ↑ "Boost launches Boost SME digital business banking platform in Malaysia". The Asian Banker. 18 September 2026. Retrieved 18 August 2026.