Driving financially inclusive digital banking in Malaysia with Mambu
In 2024, Boost Bank launched as Malaysia’s first homegrown digital bank with a pioneering embedded banking feature. In partnership with Mambu, the digital bank reached RM700 million in deposits within just 6 months of launching.
- homegrown digital bank in Malaysia
- million in deposits within 6 months of launch
BOOST BANK
About the customer
Boost Bank is Malaysia’s first homegrown digital bank, established through a joint venture between Boost, a regional fintech leader, and RHB Banking Group, one of Malaysia’s largest banking institutions.
Boost Bank offers a range of services, including savings accounts, Savings and Special Jars, and financing solutions tailored for Micro, Small, and Medium Enterprises (MSMEs).
A standout aspect that sets Boost Bank apart is its pioneering embedded banking feature, which allows existing users on the Boost eWallet app to seamlessly open a Boost Bank account without the need for a separate application.
The challenge
A homegrown digital bank, built for Malaysians
When Boost Bank set out to become the country’s first homegrown digital bank, the team knew the journey would be anything but simple. The country’s digital finance landscape was already buzzing with new entrants, high expectations, and millions of customers ready to compare every new service with the next.
The challenge was clear: to design a product that did more than just hold money. Boost Bank built a savings account, Jars, and ecosystem partnerships that helped Malaysians save with purpose.
At the same time, the team knew that small businesses also needed access to financing. Boost Bank focused on creating a simple, scalable solution that supported both individuals and SMEs in meaningful ways.
The idea was never just to create another banking app. Boost Bank’s vision was driven by inclusion: to serve people and small businesses who often found banking complicated or out of reach. But turning that vision into reality meant finding a technology partner that could help bridge ambition with execution.
The solution
Finding the right partner
That’s where Mambu came in. In November 2022, Boost Bank began working with Mambu to lay down the foundation. By January 2024, the bank received the green light from Bank Negara Malaysia to go live, and then launched its first internal alpha version, tested by employees.
Mambu’s cloud-native platform gave Boost Bank what it needed most: speed, flexibility, and scalability.
It allowed the team to embed banking directly into the Boost eWallet, so that users could open an account without ever downloading a new app—removing friction, and creating a simple, seamless experience.
The results
A Partnership That Powers the Mission
Within half a year of going live, Malaysians had placed RM700 million in deposits with Boost Bank. More telling was how they joined: 8 in 10 new customers came straight through the embedded banking feature.
It wasn’t just about numbers. Each new account represented someone who had easier access to savings, jars to help them manage their money, or financing options for their small business.
This was inclusion, delivered in real time.
Boost Bank then expanded into SME Lending, introducing Term Loan and Revolving Credit facilities to support small and medium businesses, the backbone of Malaysia’s economy.
These products gave entrepreneurs the tools to manage working capital, invest in growth, and sustain their operations.
With Mambu’s cloud-native banking platform, Boost Bank was able to launch lending products faster than traditional timelines. Its API-first architecture and pre-configured lending modules meant they could roll out SME financing quickly and reliably, without the heavy cost of months of custom development.
The collaboration with Mambu wasn’t only about technology. It was about finding a partner that shared the belief that financial services should work for everyone, not just a few.
Looking ahead, Boost Bank plans to expand its offerings especially amongst the MSME segment alongside further enhancements to its services. This foundation effectively positions Boost Bank as one of Malaysia’s leading digital banks, driving financial inclusion and empowering both individuals and businesses across the nation.
“Boost Bank is driven by a core mission to provide seamless, accessible financial services for underserved individuals and businesses. Strong partners like Mambu are key to helping us deliver on that mission, and drive financial inclusion for all Malaysians.”
- Fozia Amanulla, Chief Executive Officer, Boost Bank
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