• Published on 20 September 2024
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Boost Bank launches SME financing to power Malaysia's business growth

Boost Bank, a homegrown digital bank, announced the upcoming launch of its SME Financing services in early October.

Featuring two key financial products: Term Loan and Revolving Credit, this marks a significant milestone for Boost Bank as it becomes the first digital bank in Malaysia to offer financial solutions specifically designed for local businesses. This underscores Boost Bank’s commitment in driving financial empowerment and inclusivity for both SMEs and MSMEs across the nation.

Boost Bank’s SME Financing solutions offer a seamless application process with minimal documentation, no hidden fees, and loan amounts from MYR 50,000 ($11,920). With fast loan processing, businesses can receive timely access to capital when it is needed most. These loans are also designed to provide flexible financial solutions that cater to the diverse needs of Malaysian SMEs to grow and thrive.

The Term Loan facility offers a tenure of up to 36 months, with no early settlement fees—allowing businesses to effectively manage their cash flow. Flexible repayment options ensure that businesses can repay early, without any penalty, whenever it suits their business cycle. The Revolving Credit facility provides swift access to funds, empowering businesses to quickly respond to opportunities and challenges with financial confidence. This product is designed to adapt to the unique financial needs of each SME, rather than a one-size-fits-all approach.

Fozia Amanulla, CEO of Boost Bank, highlighted: “At Boost Bank, we are on a mission to transform financial inclusion and spark lasting impact for Malaysia’s underserved communities. By harnessing cutting-edge digital innovation and our dynamic fintech ecosystem, we’re not just offering financial products—we’re building a platform that empowers SMEs to break through barriers and unlock their true potential. Our SME Financing solutions are designed to be swift, flexible, and accessible, giving small businesses the crucial boost they need to thrive and fuel their success across the nation

Sheyantha Abeykoon, group CEO of Boost said: “As we continue to build the foundation for a fully integrated digital financial ecosystem, the launch of our SME Financing solutions marks a pivotal moment in our journey. SMEs are not just the backbone of Malaysia’s economy; they are the engine of innovation, growth, and resilience. At Boost, we believe in empowering businesses through digital innovation, and this initiative is a testament to our ongoing commitment to fostering financial inclusivity and sustainable growth for the underserved sectors of the economy. This is not just about providing loans, but about partnering with SMEs to fuel their long-term success and contribute to Malaysia’s broader economic transformation.”

Building on five years of expertise developed through Boost Credit, Boost Bank's financing business will be seeded with a portfolio of more than MYR 120 million ($28.6 million) in loans from Boost Credit. This solid foundation positions Boost Bank to offer even more comprehensive solutions tailored to the needs of local businesses.

Businesses looking to explore Boost Bank’s SME Financing solutions are encouraged to register their interest here. Boost Bank will assess applications based on specific criteria, and eligible customers will be contacted directly to discuss financing opportunities tailored to their needs. Self-registration will be available in the coming months.

Re-disseminated by The Asian Banker