Malaysia’s digital bank, Boost Bank, has announced the upcoming launch of its SME Financing services in early October.
This makes it the first digital bank in the country to offer financing especially for micro, small, and medium enterprises (MSMEs).
The SME Financing solutions will feature two main products: a Term Loan and Revolving Credit.
Designed to simplify the application process, these offerings require minimal documentation and reportedly have no hidden fees, with loan amounts starting from RM50,000.
The quick loan processing allows businesses to access capital promptly, meeting their financial needs.
The Term Loan facility offers a tenure of up to 36 months with no early settlement fees, enabling businesses to manage their cash flow effectively.
Flexible repayment options allow businesses to settle their loans early without penalties.
Meanwhile, the Revolving Credit facility provides immediate access to funds, helping businesses respond to opportunities and challenges.
Boost Bank’s financing services build on five years of experience from Boost Credit, launching with a portfolio of over RM120 million in loans.
Interested businesses can register to explore Boost Bank’s SME Financing options, with applications assessed based on specific criteria.
Eligible customers will be contacted directly to discuss financing opportunities, and self-registration will be available in the coming months.
Fozia Amanulla, CEO of Boost Bank, said,
“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,
“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.”
