Boost Bank, Malaysia’s first homegrown digital bank, and CGC Digital have partnered to expand financing access for MSMEs in Malaysia, allocating RM130 million for business loans.
The collaboration aims to support underserved businesses through Boost Bank’s Term Loan and Revolving Credit facilities, backed by CGC Digital’s guarantee coverage.
Boost Bank offers financing solutions with a simplified application process requiring minimal documentation, making it easier for MSMEs to access capital.
The Term Loan facility provides loan amounts starting from RM50,000 with a tenure of up to 36 months and no early settlement fees.
The Revolving Credit facility allows businesses to access funds within two working days of loan approval, offering flexibility in managing cash flow.
CGC Digital, a fintech subsidiary of Credit Guarantee Corporation Malaysia Berhad, was established to collaborate with digital-first partners, with Boost Bank as its first digital bank partner.
The company will also develop digital guarantee products alongside Boost Bank’s MSME financing solutions.
The partnership aims to reach thousands of businesses while introducing more initiatives to enhance financial inclusion and support MSME growth in Malaysia.
Fozia Amanulla, CEO of Boost Bank, said,
“This partnership with CGC Digital strengthens our ability to offer seamless, fast, and accessible financing solutions, empowering MSMEs to overcome challenges and seize growth opportunities.
We will continue to innovate transformative offerings that will elevate the MSME landscape in Malaysia.”
Yushida Husin, CEO of CGC Digital, said,
“By collaborating with Boost Bank, we can offer seamless, efficient, and accessible financial products that cater to the unique needs of MSMEs.
This partnership is a significant step forward in our mission to support underserved MSMEs by providing them with the financing they need to succeed.”
