Axiata Group’s fintech unit and consortium partner RHB Banking Group received approval from Malaysia’s central bank and the Finance Ministry to launch digital banking services.

Bank Negara will issue a digital banking licence to Axiata subsidiary Boost Bank on 15 January.

In a statement, Axiata Group CEO Vivek Sood explained the bank is “committed to nurturing a dynamic digital banking ecosystem” by enabling digital wallets for more than 10 million Boost customers and introducing more innovative digital services to the underserved and unserved segments.

“Our aim is to broaden the digital banking options available to those with limited access to conventional banking facilities.”

Fozia Amanulla was appointed CEO of the digital banking unit in March 2023.

She noted: “Backed by the consortium’s combined ecosystem and wealth of data, we are uniquely positioned to offer embedded finance.”