What Boost Bank does

Boost Bank Berhad is a Malaysian digital bank licensed by Bank Negara Malaysia as one of five recipients of digital banking licenses awarded in 2022, with operations launched in 2024. The bank is structured as a joint venture between Boost Holdings Sdn. Bhd. (Axiata Group's fintech arm, approximately 77.76% stake) and RHB Banking Group (40% stake post-August 2025 RM51M follow-on investment). It operates exclusively as a digital-first institution via its mobile app, with no physical branches, and serves individual consumers and SMEs/MSMEs in Malaysia — particularly those underserved by traditional banks. Customers onboard through selfie and MyKad verification with a RM1 minimum opening balance.

The product architecture centers on a digital savings account with daily interest accrual (up to 3% p.a. on standard Savings Jars and up to 4% p.a. on Special Jars tied to partner spend), a debit card offering 2% cashback, and DuitNow QR payment integration. Lending products include Business Term Loans, Revolving Credit, and Motorbike Loans for underserved consumers, with AI-driven underwriting having disbursed over RM370M in SME financing by December 2025. The technology stack includes an AI voice assistant ('Bunga') for conversational loan applications and embedded insurance products (Protect Plans) launched in March 2026 via a partnership with Great Eastern General Insurance Malaysia, complemented by a Boost Stars loyalty program and rewards integration with the parent Boost e-wallet ecosystem.

Revenue is generated through interest income on the SME loan book (RM310M, up 32.7% QoQ), transaction and interchange fees from debit card and DuitNow QR usage, insurance commissions, and deposit spread. Boost Bank reported RM125.7M in annual losses for FY2025 against 38.1% QoQ revenue growth, targeting profitability by 2028. Distribution runs through the Boost Bank mobile app and embedded banking within the Boost e-wallet, with additional SME lending origination through Funding Societies and a planned Angkasa partnership that would add 7.4M cooperative members to the addressable base. The bank is regulated under Bank Negara Malaysia's RM3B foundational asset cap and is a PIDM member with deposits insured up to RM250,000 per depositor.

Name

Boost Bank

Legal name

Boost Bank Berhad

Website

https://myboostbank.co

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Boost Bank Berhad is a Malaysian digital bank licensed by Bank Negara Malaysia, offering digital savings, debit cards, embedded insurance, and AI-driven SME financing to individual consumers and MSMEs through its mobile app and the Boost e-wallet ecosystem.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Digital banking
• SME financing
• Mobile banking
• Consumer lending
• Embedded insurance

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Interest earned from SME loans and other credit products. Loan book expanded 32.7% QoQ to RM310 million with 38.1% QoQ revenue growth.
2. Insurance Products Commission: Commission revenue from selling insurance products (travel, personal accidents, daily commutes) through the Boost Bank app in partnership with Great Eastern General Insurance Malaysia.
3. Transaction and Service Fees: Fees from various banking services, DuitNow QR transactions, and debit card usage including the 2% cashback program funded through transaction interchange.
4. Interest Spread: Spread between interest earned on loans and interest paid on deposits. Savings accounts offer up to 3-4% p.a. daily interest to attract deposits.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Boost Bank is a Malaysia-based digital bank that provides interest-bearing savings accounts (up to 4% p.a. daily interest via Special Jars), a debit card with 2% cashback, embedded insurance products, and AI-driven SME financing through its mobile app. The bank operates exclusively via the Boost Bank app and embedded Boost e-wallet ecosystem, targeting individual consumers, SMEs, and underserved communities with digital-first onboarding and self-serve banking.

Product overview

Boost Bank operates as a digital-first banking platform offering a unified digital banking experience through its mobile app with multiple interconnected products. The core offering centers on the Digital Savings Account with interest-bearing Jars (Savings Jars up to 3% p.a. and Special Jars up to 4% p.a.), complemented by a Debit Card that provides 2% cashback on all transactions. The platform extends into embedded financial services including insurance products (Protect Plans) through Great Eastern partnership, business financing (Term Loans, Revolving Credit), and consumer loans (Motorbike Loans). Additional features include a Rewards Program (Boost Stars), DuitNow QR payments, and Protect Jar savings linked to insurance purchases. The product architecture is designed for financial inclusion, targeting underserved communities and MSMEs in Malaysia.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Savings Account Interest-bearing digital savings account offering up to 3% p.a. daily interest with Savings Jars for automated savings management. Account can be opened with as low as RM1 via the Boost Bank app, targeting individual consumers seeking high-yield daily compounding savings.
• Special Jars High-yield savings Jar offering up to 4% p.a. daily interest, unlocked by spending with eligible partner merchants. Targeted at individual consumers seeking higher returns than standard savings accounts through everyday spending behavior.
• Boost Bank Debit Card Virtual and physical debit card for spending and cash withdrawals, offering 2% cashback on all transactions up to RM30 per month plus RM10 reward for new card applicants who complete 2 transactions. Targeted at individual consumers for everyday spending.
• Protect Plans (Insurance) Embedded insurance products integrated into the Boost Bank app covering travel, personal accidents, and daily commutes, distributed in partnership with Great Eastern General Insurance Malaysia. Plans start from RM15 with coverage ranging from RM25,000 to RM250,000. Targeted at individual consumers seeking affordable micro-insurance with a digital-first purchase experience.
• Motorbike Loan Consumer financing product for motorbike purchases targeting underserved communities and individuals who lack access to traditional auto financing. Disbursed as part of Boost Bank's inclusive lending portfolio.
• Business Term Loan Business financing product providing SMEs with access to capital for business expansion and working capital needs. Underwritten using Boost Bank's AI-driven credit assessment platform, with the Bunga AI voice assistant supporting the application process.
• Revolving Credit Flexible business credit facility enabling SMEs to manage cash flow and operational expenses, with revolving access to credit. Targeted at SMEs requiring ongoing working capital flexibility.
• Protect Jar Savings Jar linked to Protect Plan insurance purchases, earning 3.3% per annum in daily compounding interest. Available exclusively to customers who purchase any Protect Plan insurance product.
• Rewards Program (Boost Stars) Loyalty program offering instant cash rebates, discounts on essential goods, and 3x Boost Stars for transactions. Platinum President benefits available for Boost Bank account holders, rewarding customer engagement and spending activity.

Quantifiable outcome

• Over RM370 million in SME financing disbursed as of December 2025
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability5 records

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Funding SocietiescoreStrategic or Co-development Partner · 18 May 2026Strategic partnership to broaden access to property-backed business financing for SMEs in Malaysia. As the first initiative, Funding Societies originates property-backed loans for eligible SMEs, supported by Boost Bank's balance sheet participation, enabling business owners to unlock liquidity from industrial or residential properties for working capital and expansion.
• Great Eastern General Insurance MalaysiacoreTechnology or Integration · 1 March 2026Partnership to launch insurance products integrated into Boost Bank's digital banking app, offering coverage for travel, personal accidents, and daily commutes with plans starting from RM15. Customers who purchase any Protect plan gain access to Protect Jar savings feature earning 3.3% per annum.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• GXBank: Grab and Singtel's digital bank in Malaysia, operating as one of five licensed digital banks. Targets similar underserved consumers and SMEs with digital savings, payments, and financing offerings. The most direct competitor to Boost Bank in the same Malaysian digital banking license cohort.
• SeaBank: Sea Group's digital bank in Malaysia, part of the same five-license digital banking cohort as Boost Bank. Targets digital-first consumers and SMEs, leveraging Sea's Shopee e-commerce ecosystem for embedded finance distribution - a comparable ecosystem-driven approach.
• KakaoBank @ Malaysia: Korean Kakao Bank's Malaysian digital bank operation, one of five Malaysian digital bank licensees. Brings Korean digital banking expertise and an AI-led service model directly comparable to Boost Bank's Bunga AI assistant.
• AEON Bank: AEON Credit Service's digital bank in Malaysia, completing the cohort of five Malaysian digital bank licensees. Targets similar consumer segments with digital savings and embedded financing, often leveraging AEON's retail ecosystem for distribution.

Broad incumbents

• RHB Banking Group: Established Malaysian banking group holding 40% of Boost Bank as JV partner. Provides traditional banking infrastructure and regulatory expertise while competing with Boost Bank in the broader consumer and SME banking market across Malaysia.
• Maybank: Largest bank in Malaysia with comprehensive retail, SME, and Islamic banking services. Dominant incumbent competing for the same consumer savings, debit card, and SME financing segments that Boost Bank targets digitally.
• CIMB: Major ASEAN banking group with significant Malaysian retail and SME banking operations. Competes across consumer deposits, payments, and business financing with broader regional scale than Boost Bank.
• Public Bank Berhad: Top Malaysian retail bank known for strong consumer and SME lending franchise. Competes with Boost Bank in savings accounts, personal financing, and SME loans through an extensive branch network.
• Hong Leong Bank: Established Malaysian banking group with retail, SME, and wealth management services. Targets similar middle-market consumer and SME segments with both digital and traditional channels.

Emerging players

• Kakao Bank (Korea): South Korea's leading mobile-only digital bank, leveraging Kakao's messaging super-app for distribution. Operates KakaoBank @ Malaysia and represents the template for AI-led, ecosystem-driven digital banking that closely mirrors Boost Bank's model.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/myboostbank
• LinkedInlinkedin.com/company/myboostbank
• Instagraminstagram.com/myboostbank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Boost Bank