Boost and RHB have announced that they officially received approval from Bank Negara Malaysia and the Ministry of Finance to begin the operation of their digital bank. They have also revealed the digital bank’s official name: Boost Bank by Axiata and RHB.
Boost-RHB consortium was one of the five successful applicants for Malaysia’s digital bank licences. Even though it is the second digital bank to receive operational greenlight from regulators after Grab’s GX Bank, Boost Bank is still the first such outfit that is primarily owned by Malaysians.
Speaking about ownership, Boost currently holds 60% equity in the consortium while the rest belonged to RHB. Boost Bank is being led by Fozia Amanualla who joined Boost Credit as its Deputy CEO in April 2022 before becoming the Boost Bank’s CEO in March 2023.
Boost Bank alpha test to kick off soon
While it may have received the go-ahead from authorities starting from 15 January 2024, Boost Bank will not be opening its door to the public just yet. For starters, the new digital bank will be conducting an alpha test first.
According to the brief FAQ section of Boost’s website, the alpha test is still being considered internal testing. However, it will also be joined by a select group of customers in addition to internal employees as well as their family and friends. Boost Bank said that the purpose behind the alpha test is to enhance and refine its user experience.
That being said, the digital bank did not reveal the duration of the test and will only provide more information regarding its public launch once it is truly ready to do so.
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- Here are Malaysia’s five successful Digital Bank Licence applicants
