Latest news with #BoostBank
The Star
30-06-2025
- Business
- The Star
Digital banks grow deposits
PETALING JAYA: Three out of the five licensed digital banks which have begun operations are showing encouraging numbers, but they are unlikely to pose near to medium-term threats to conventional banks, says UOB Kay Hian (UOBKH) Research. The three digital banks which are operational are GXBank, Boost Bank and AEON Bank, while Ryt Bank and KAF Digital Bank remain in the pilot phase and are currently undergoing controlled testing with selected users to fine-tune their platforms ahead of a broader public rollout. There has been a rapid build-up in deposit taking with GX Bank leading in both assets and customer deposits. According to UOBKH Research, as of September 2024, GXBank reported RM2.4bil in total assets and RM2.2bil in deposits. AEON Bank recorded RM711mil in assets and RM339mil in deposits as at November last year, while Boost Bank, which had commenced operations in late first half of 2024, posted RM819mil in assets and RM573mil in deposits as of March 2025. GXBank's rapid deposit traction was driven by aggressive promotional campaigns and market leading saving account deposit rates of up to 3%. However, these initiatives have since been scaled back as the bank transitions into its second year. AEON Bank and Boost Bank similarly launched high-yield savings accounts, although Boost Bank has adopted a more disciplined strategy, maintaining a lower cost of funds at 1.7%, compared with 3% for its peers. 'Despite these encouraging numbers, the combined asset base of all three operational digital banks remains small, collectively accounting for less than 1% of the total banking sector's RM3.7 trillion in assets as of end-April 2025. 'Even at the regulatory cap of RM3bil per digital bank over their first three to five years, the cumulative RM15bil ceiling represents just 0.4% of the industry's current total assets,' said UOBKH Research in report. It noted that the three digital banks remain loss-making and they had guided it could take more than three years on average to break even. At the same time, established banks continue to advance their own digital agendas and retain broader product capabilities and distribution networks. 'Amid external uncertainties, we favour banks with attractive valuations, high provision buffers and capital management potential for added defensiveness. Our top picks are Hong Leong Bank Bhd , Public Bank Bhd and AMMB Holdings Bhd .' It said AMMB stands out for its capital management, supported by strong CET1 ratios, while Hong Leong Bank and Public Bank offer defensiveness in the current volatile environment, trading below mean price-to-book and backed by their solid provision buffers.
The Star
13-06-2025
- Business
- The Star
Earn savings and rewards with Boost Bank's TNB Jar
KUALA LUMPUR: Boost Bank, Malaysia's first homegrown digital bank, has partnered with Tenaga Nasional Bhd (TNB) to offer customers greater savings and rewards — enabling them to earn daily high-interest returns and enjoy cashback when managing their TNB bills. Enjoy smart savings From June 4 to Aug 31, new Boost Bank customers can unlock the exclusive TNB Jar — offering an attractive 3.5% per annum (p.a.) daily interest on savings. To unlock the Jar, customers simply need to create a Boost Bank account and pay a minimum of RM50 on their TNB bill using the Boost Bank debit card or through the Boost Wallet app. Once unlocked, deposit any amount into the TNB Jar and start enjoying daily interest on your savings. To keep the TNB Jar active and continue enjoying the benefits throughout the campaign period, customers must pay a minimum of RM50 on their TNB bill each month using the Boost Bank debit card or Boost Wallet app. Earn instant cashback All Boost customers can also receive RM3 cashback with their TNB bill payments. From June 4 to July 31, customers only need to pay a minimum of RM50 on their TNB bill via the Boost Wallet app. The RM3 cashback will be credited into a dedicated Partner Wallet within the app and can be used to offset their next TNB bill (must be above RM50). Each customer is only entitled to two rewards during the campaign and is limited to the first 5,000 customers on a first-come, first-served basis. Don't miss the chance to turn your electricity bill payments into smarter savings. To learn more about the Boost Bank and its offerings, visit
New Straits Times
09-06-2025
- Business
- New Straits Times
Boost Bank, TNB partner for bill savings and cashback
BOOST Bank, Malaysia's homegrown digital bank, has partnered with Tenaga Nasional Bhd (TNB) to help customers save more while managing their electricity bills. Under the collaboration, customers can earn daily high-interest savings and receive cashback rewards via the new TNB Jar. UNLOCK SAVINGS New Boost Bank users can unlock the TNB Jar from June 4 to Aug 31 and earn 3.5 per cent p.a. daily interest. To participate, customers must open a Boost Bank account and pay a minimum of RM50 on their TNB bill using a Boost Bank debit card or through the Boost Wallet app. After completing the payment, they can deposit any amount into the TNB Jar to start earning interest. To maintain the Jar, users must continue paying at least RM50 monthly on their TNB bills throughout the campaign period. RM3 CASHBACK All Boost customers are also eligible for RM3 cashback on their TNB bill payments made between June 4 and July 31. To qualify, customers must pay a minimum of RM50 using the Boost Wallet app. The cashback will be credited into a dedicated Partner Wallet and can be used to offset a future TNB bill exceeding RM50. Each user is entitled to two cashback rewards during the campaign, limited to the first 5,000 customers on a first-come, first-served basis.
New Straits Times
27-05-2025
- Business
- New Straits Times
Boost Bank on reshaping banking services for everyday Malaysians
KUALA LUMPUR: Boost Bank is reshaping how banking works for everyday Malaysians by embedding financial services directly into its e-wallet platform, making access to banking faster, simpler and more inclusive. Boost Bank chief executive officer Fozia Amanulla said it began with a simple belief that banking should fit into people's lives, which inspired their move toward embedded banking. She added that for many Malaysians, especially those in underserved segments, traditional banking can feel distant with many steps, paperwork and barriers. "That's where embedded banking comes in as our goal was to reimagine this entirely to make financial tools available at the point of need, through platforms people already trust and use daily. "That's why from day one, we built Boost Bank directly into the Boost e-wallet ecosystem; a platform already used by millions of Malaysians every day. "It's about showing up in moments that matter - whether you're buying groceries, topping up mobile credit, or managing daily expenses - banking features are already there without needing to download another app or change how you live," she told Business Times in an interview. Fozia said the approach is effective, with nearly 80 per cent of users onboarding directly through the Boost e-wallet in a seamless and familiar experience. She said embedded banking goes beyond removing friction by enabling inclusion and empowerment, especially for underserved communities, through access to tools that once felt out of reach. "Take our Special Jars for example - customers can save while they shop, earning competitive rates starting from 3.3 per cent, in partnerships with names they trust like Mydin, CKS Retail, Bataras, Servay, and even through their telco usage with CelcomDigi. "We've even introduced lifestyle saving options with partners like EdgeProp (for first-time homebuyers) and ZUS Coffee (for coffee lovers looking to 'sip and save')," she added. Beyond individuals, Fozia said Boost is focused on SMEs and proud to be Malaysia's first homegrown digital bank offering direct SME financing, with close to RM150 million already disbursed. She said the company offers tailored term loan and revolving credit solutions designed for speed, flexibility, and minimal documentation. She noted that the average loan size is around RM300,000, and our customers range from hawkers to factory operators - all seeking financing that respects their time, context, and needs. Fozia said looking ahead, Boost is scaling this with a fully digital SME platform designed not just to offer financing, but to help businesses manage payments, cash flow, and operations in one place. She believes real inclusion is not just about providing access but also about ensuring continuity, sustainability and long-term success. "At the heart of everything we do is a mindset shift. Banking is no longer a place you go, but it's something embedded into your life. "When we remove friction and meet people where they are, banking transforms from a barrier into a bridge - one that empowers people and businesses to thrive. That's the future we're building at Boost Bank," she said.
The Star
07-05-2025
- Business
- The Star
Boost Bank achieves close to RM150mil in SME loans
Boost Bank CEO Fozia Amanulla. PETALING JAYA: Boost Bank, the fintech arm of Axiata Group Bhd and RHB Banking Group, has disbursed close to RM150mil in financing to small and medium enterprises (SMEs) since its launch last June. The country's first homegrown digital bank said in a statement that the achievement reaffirmed its strong support for driving financial inclusion and empowering underserved small businesses. 'With typical loan sizes around RM300,000, this momentum is driven by Boost Bank's core financing solutions, term loan and revolving credit facilities, which are designed to meet the diverse needs of SMEs with minimal documentation requirements, fast loan processing, and flexible repayment options. 'Hundreds of SMEs have benefited from these solutions, including businesses from the wholesale sector, manufacturing, retail, construction, food and beverage, and more to meet day-to-day needs, manage cash flows, and expand with fewer hurdles and more flexibility,' the bank said. Boost Bank chief executive officer Fozia Amanulla noted that SMEs were at the heart of Malaysia's economy. 'They create jobs, spark innovation, and keep our communities vibrant.' Trading ideas: Capital A, FGV, Malakoff, LFE, Hektar REIT, Favelle Favco, Life Water, Ivory, Masteel, Ygl, Jetson, Hartalega, Heineken, UOA REIT, Dufu
