KUALA LUMPUR (April 29): Boost, the fintech arm of Axiata Group Berhad, and RHB Banking Group said they will combine their expertise to build a suite of affordable and accessible digital banking and financial solutions to enable greater financial inclusion among the underserved and unserved.
In a statement on Friday (April 29), the consortium said it will leverage Boost's extensive fintech experience and RHB’s deep knowledge in banking services and risk management.
Axiata president and group CEO Datuk Izzaddin Idris, who is also the chairman of Boost, said the licence marks a significant milestone for Axiata’s fintech business and a validation of the strong value proposition of Boost and RHB.
“Securing this licence in our home ground delivers multi-pronged opportunities to address ongoing digitalisation shifts across our businesses. On one hand, we can now deliver financial inclusion to underserved and unserved segments such as the micro and small and medium enterprise community as they scale for growth to support the nation’s economic recovery.
“At the same time, we’re able to actively meet demand from our expanding digital-first consumer base seeking convenient, improved and secure user experiences for banking and credit access. This development also reinforces Boost’s experience and capabilities to pursue regional opportunities in this high-growth segment,” said Izzaddin.
Boost group CEO Sheyantha Abeykoon said the digital bank will be a catalyst for greater financial inclusion and aligns with its core mission to financially empower and support users and merchants.
“The award of the digital banking licence now fulfils our vision of becoming a full spectrum fintech player in the region to better serve the underserved and as one of the pioneers in the industry, we look forward to this very exciting journey in creating an inclusive digital and financial ecosystem for all Malaysians together with RHB via the digital bank,” Sheyantha said.
RHB group managing director and group CEO Mohd Rashid Mohamad said the bank is privileged to be part of this exciting chapter for the Malaysian financial services industry.
“Our joint customers will gain access to credit that is digital, nimble and secure, which ties in well with RHB’s brand commitment of delivering simple, fast and seamless experiences. We look forward to playing our part in charting the industry’s evolution into this exciting era of digital banking and making progress happen for everyone,” he said.