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.
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