Axiata subsidiary Boost Bank officially launched its mobile app, five months after securing approval from Malaysia’s central bank and the Finance Ministry to launch digital banking services.

In a statement, Axiata noted existing e-wallet users can open a Boost Bank account via a “seamless onboarding process”, adding the digital bank is working with a number of local partners to “meet the financial needs of the underbanked and unbanked” by providing rewards and savings on daily necessities.

Boost Holdings, the group’s fintech arm, had more than 10 million e-wallet customers in Malaysia in early January.

Boost and RHB Bank hold 60 per cent and 40 per cent stakes in the bank, respectively. Axiata Digital Services owns 78 per cent of Boost, with Singapore-based Great Eastern holding the remaining interest.

In 2022, Bank Negara Malaysia issued digital banking licences to Boost, Grab-led GX Bank, AEON Bank, a consortium of SEA and YTL Digital Capital, and KAF Investment Bank. GX Bank started operations in Q4 2023, while AEON Bank opened for business in early 2024. The other two have yet to launch services.