Boost

Grab-backed GXBank, topped Malaysia's digital banking customer deposits with MYR 2.16 billion ($489 million) for the first nine months of 2024, RAM Ratings said Friday.

The deal is still pending regulatory approval, and Axiata is not able to disclose the name of the new investor, group chief executive officer and managing director Vivek Sood said.

Telecommunications infrastructure company EDOTCO Malaysia has on Tuesday announced two strategic partnerships with Malaysia Digital Economy Corporation (MDEC) and Boost to accelerate Malaysia's digital economy through next-generation digital infrastructure and financial inclusion initiatives.

Boost, a regional fintech leader, and its consortium partner, RHB Banking Group (RHB), have received official approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) to commence operations as a digital bank, with effect from January 15, 2024.

Malaysia-based FinTech firm Boost has partnered mobile service provider CelcomDigi to launch global prepaid card on the Mastercard network. The prepaid card which is called the Beyond Card is the first two-in-one international card in Malaysia, enabling customers to access funds from Boost wallet balance and utilize a pre-approved credit line.

Boost Holdings is said to be working with a financial adviser on the potential fundraising, which may give the start-up a valuation of $700 million.

TechNode Global talked to Boost Chief Executive Officer Sheyantha Abeykoon to learn about the company’s plan and strategy as it prepares to launch one of the digital banks in the country.

In an interview, Boost CEO Sheyantha Abeykoon told TechNode Global the competitive edge Axiata-RHB consortium have against other contenders and how will it position the digital bank should the consortium were granted a digital banking license.