Boost rolls out digital banking, payments platform for SMEs

KUALA LUMPUR: Axiata Group Bhd's subsidiary, Boost Holdings Sdn Bhd, has introduced Boost SME, an integrated digital platform offering banking, payments, and financing solutions tailored for small and medium enterprises (SMEs). The platform enables businesses to establish accounts quickly, process payments via DuitNow QR, online transfers and cards, and receive same-day DuitNow QR settlements.

Axiata Group CEO Sheyantha Abeykoon stated that the platform's objective is to enhance accessibility to banking, payment, and financing services for SMEs. He emphasized that in Malaysia's evolving digital economy, financial services must function cohesively rather than separately. Digital Minister Gobind Singh Deo highlighted that Boost SME could help tackle the fragmented nature of existing government incentives and financial support for SMEs.

Under Boost Grow, businesses can earn a daily interest rate of 3.0 per cent on their business banking balances, without any lock-in period or minimum balance requirement. Boost Flow provides merchants with a 0.1 per cent sales rebate on up to RM2,000 in monthly sales for utilizing Boost payment systems. Eligible merchants can also apply for a Merchant Cash Advance, with credit limits starting at RM10,000, contingent on specific transaction criteria.

Boost SME users can apply for a Biz Loan from Boost Bank, which offers financing up to RM300,000. The company mentioned that loan approvals could be granted within 10 minutes, with disbursement occurring within 24 hours of approval.