Latest news with #BoostBank
New Straits Times
27-05-2025
- Business
- New Straits Times
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.
The Star
07-05-2025
- Business
- The Star
Boost Bank achieves close to RM150mil in SME loans
Boost Bank CEO Fozia Amanulla. PETALING JAYA: Boost Bank, the fintech arm of Axiata Group Bhd and RHB Banking Group, has disbursed close to RM150mil in financing to small and medium enterprises (SMEs) since its launch last June. The country's first homegrown digital bank said in a statement that the achievement reaffirmed its strong support for driving financial inclusion and empowering underserved small businesses. 'With typical loan sizes around RM300,000, this momentum is driven by Boost Bank's core financing solutions, term loan and revolving credit facilities, which are designed to meet the diverse needs of SMEs with minimal documentation requirements, fast loan processing, and flexible repayment options. 'Hundreds of SMEs have benefited from these solutions, including businesses from the wholesale sector, manufacturing, retail, construction, food and beverage, and more to meet day-to-day needs, manage cash flows, and expand with fewer hurdles and more flexibility,' the bank said. Boost Bank chief executive officer Fozia Amanulla noted that SMEs were at the heart of Malaysia's economy. 'They create jobs, spark innovation, and keep our communities vibrant.' Trading ideas: Capital A, FGV, Malakoff, LFE, Hektar REIT, Favelle Favco, Life Water, Ivory, Masteel, Ygl, Jetson, Hartalega, Heineken, UOA REIT, Dufu
The Star
06-05-2025
- Business
- The Star
Boost Bank hits RM150mil SME financing milestone
Boost Bank CEO Fozia Amanulla KUALA LUMPUR: Boost Bank has announced it has disbursed nearly RM150mil in small and medium enterprise (SME) financing to hundreds of SMEs across the country. In a statement, the digital bank said the disbursements - in typical tranches of RM300,000 - were driven by its core financing solutions of terms loan and revolving credit facilitieis. Boost Bank CEO Fozia Amanulla said the milestone was representative of how fast digital solutions are reshaping the way businesses operate. "At Boost Bank, we're committed to supporting SMEs not just with financing, but also with the right tools and services to help them run and grow their businesses confidently in the digital age.' She added that Boost Bank will soon introduce a new digital platform designed especially for SMEs. "It will go beyond financing to help small businesses manage their money, payments, and operations all in one place, and making it easier for entrepreneurs to focus on what matters most – growing their business," she said.
New Straits Times
06-05-2025
- Business
- New Straits Times
Boost disburses nearly RM150mil in SME loans, eyes new digital platform
KUALA LUMPUR: Boost Bank has disbursed nearly RM150 million in financing to small and medium enterprises (SMEs), marking a key milestone since it began offering lending services to the segment. In a statement today, the bank said it is the first among Malaysia's five digital banks to introduce SME-focused financing products, aimed at improving access to credit for smaller businesses. "When we started offering SME financing, our mission was clear - to help business owners overcome the financing challenges they often face. "Reaching this milestone is not just about hitting a target. It is about showing what's possible when financing is made simple, accessible, and built around the real needs of business owners," said Boost Bank chief executive officer Fozia Amanulla. With typical loan sizes averaging RM300,000, Boost Bank said demand has been driven by its core SME financing products, including term loans and revolving credit facilities. The bank said several hundred SMEs across sectors such as wholesale, manufacturing, retail, construction, and food and beverage have tapped into the financing to support working capital needs, manage cash flow, and fund business expansion. Fozia said the strong loan uptake underscores the growing role of digital financial solutions in supporting business operations and improving credit access. "At Boost Bank, we are committed to supporting SMEs not just with financing, but also with the right tools and services to help them run and grow their businesses confidently in the digital age. "Looking ahead, Boost Bank will soon introduce a new digital platform designed especially for SMEs. It will go beyond financing to help small businesses manage their money," she added.
