Boost SME Lets Businesses Open an Account in Under 5 Minutes

Boost, the fintech arm of Axiata Group, has launched Boost SME, an all-in-one digital banking platform for Malaysian businesses.

Businesses can open an account in under five minutes without visiting a branch, then access banking, payments and financing, including Boost Bank’s previously launched Biz Loan facility, from a single app.

Once set up, businesses get a single view of their finances, role-based account management, and payment acceptance through DuitNow QR, cards and online channels.

Settlements happen the same day, including weekends and public holidays.

Boost SME offers two propositions depending on what a business needs. Boost Grow on the one hand, pays 3.0% per annum in daily interest on business balances, with no lock-in period or minimum balance.

On the other, Boost Flow instead gives merchants a 0.1% sales rebate plus 0.5% per annum in daily interest, alongside access to a Merchant Cash Advance with credit limits from RM10,000 for businesses with just 30 days of transaction history.

The app also connects businesses to Boost Bank’s Biz Loan facility, offering financing of up to RM300,000 with approvals in as little as 10 minutes and disbursement within 24 hours.

Eligible merchants can also get up to 100% rebate on a payment soundbox or terminal.

“As Malaysia’s digital economy continues to evolve, businesses need financial services that work seamlessly together rather than in silos,” said Sheyantha Abeykoon, Group Chief Executive Officer of Boost. “Boost SME is a natural evolution of that ambition.”

Boost Bank, formed through Boost’s joint venture with RHB under Bank Negara Malaysia’s digital banking framework, has already disbursed more than RM150 million in SME financing in its first year.

Businesses can sign up at www.myboostsme.co or through the Boost SME app on the Apple App Store or Google Play Store.

Featured image: Edited by Fintech News Malaysia based on an image by Boost via its Press Release.