Boost Bank: the Malaysian digital bank of Axiata and RHB, reserved for Malaysians

The account is held by Boost Bank Berhad, formerly Boost Berhad, a Malaysian company that displays its registration number on its website and states that it holds a digital bank licence from Bank Negara Malaysia (BNM). BNM's directory of institutions lists it among the licensed digital banks ("Licensed Digital Bank") and among debit card issuers.

In 2022, under the Financial Services Act 2013, BNM selected "a consortium of Boost Holdings Sdn. Bhd. and RHB Bank Berhad". The bank, launched in 2024, is distinct from the Boost e-wallet, which falls under a different status.

The status of the Boost e-wallet (electronic money issuer) has not been verified: it is not covered in this profile.

Boost Bank presents itself as a bank "designed for all Malaysians". According to its help centre, the account is opened from the Boost Bank app or from the Boost wallet app: phone number, one-time code, user ID and personal code, then verification by selfie and by the MyKad, the Malaysian identity card.

At launch, the press stated that applicants had to be Malaysian citizens and at least figure being updated old.

For an expatriate, the published process makes no provision for a foreign passport: a foreigner, even one living in Malaysia under a long-term residence programme, cannot open an account this way. The Malaysian digital banks presented in this directory (GXBank, AEON Bank, Boost Bank) are in the same situation according to the sources consulted; the usual route remains a traditional bank with branches.

What happens to the account of a holder who leaves Malaysia is not documented.

The offer includes a savings account in ringgit, savings pockets ("Savings Jars") and a debit card. The website states that an account can be opened with a minimum deposit of from MYR 1².

Interest rates and transfer limits are not reproduced: they stem from commercial offers that are not reliably dated.

Boost Bank states that it is a member of the Perbadanan Insurans Deposit Malaysia (PIDM). Eligible deposits with a member bank are protected up to up to MYR 250,000¹ per depositor per member bank. Funds left in the Boost e-wallet, which does not fall under banking status, do not necessarily benefit from this protection: a point to verify.

The PIDM FAQ specifies that foreign-currency deposits are converted into ringgit and aggregated with the holder's other deposits, under the same limit. Each member bank carries a separate limit: assets spread across several banks benefit from several limits.

• The distinction between the Boost Bank account and the Boost wallet.
• The MyKad requirement, which rules out foreigners.
• The rates and limits currently in force, in the app.
• The reporting obligations linked to your tax residence: a French tax resident must declare each year the accounts opened, held, used or closed outside France, including those of online banks and payment wallets; other countries impose comparable obligations.
• The tax residence self-certification requested at account opening: depending on the automatic exchange of information commitments of the bank's country, the account's balances and income may be reported to the tax authority of your country of residence.