Boost Bank

Boost Bank

Boost Bank is a Malaysian homegrown digital bank launched under a joint venture between telecommunications group Axiata and the RHB Banking Group. The entity operates as a fully licensed digital bank, regulated by Bank Negara Malaysia, and was conceived to serve the country's underserved and mass-market segments through mobile-first banking products. Unlike conventional financial institutions with branch networks, Boost Bank was born directly within the Boost app, which already served millions of e-wallet users before the banking license was activated. The platform's product set targets both individuals and micro, small, and medium enterprises. On the retail side, the bank offers savings accounts and the proprietary Boost Bank Debit Card, where the latter delivers 2% unlimited cashback on all transactions. The savings product uses a “Jars” architecture — segregated sub-accounts that can earn up to 3% per annum daily interest on standard Savings Jars and up to 4% per annum daily interest on Special Jars when customers spend with eligible Boost ecosystem partners. Personal lines extend further to include motorbike loans and a click-to-cover insurance plan underwritten within the app. On the business side, the firm deploys term loans and revolving credit facilities for MSMEs. Deposit insurance is provided by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor. Boost Bank does not publicly disclose capital deployment totals or full employee headcount. In January 2024, Boost Bank and the RHB Banking Group announced a formalised partnership that enables fund transfers between selected RHB current and savings accounts. The bank received two 2025 International Finance Awards: Most Innovative New MSME Financing Solutions Provider and Most Innovative New Digital Financial Services Ecosystem (per International Finance Awards, 2025). In line with its digital-native structure, Boost Bank does not publish a physical branch map and routes all customer servicing through a dedicated contact channel on its website. The structural moat lies in its parentage: rather than a standalone fintech acquiring a license, Boost Bank is an embedded banking layer atop one of Southeast Asia's most pervasive consumer apps. Axiata provides the mobile distribution while RHB contributes the treasury, risk-management, and regulatory infrastructure — a model that combines a large digital footprint with the funding and compliance depth of an established banking group.