Boost Bank, Malaysia’s digital bank, has teamed up with CGC Digital, a fintech arm of Credit Guarantee Corporation Malaysia (CGC), to better support underserved micro, small and medium enterprises (MSMEs) in Malaysia.
Together, they have set aside MYR 130 million ($29.39 million) for Boost Bank’s financing options, including term loans and revolving credit. CGC Digital will provide its guarantee cover to help MSMEs access financing more easily.
This offer aims to help thousands of MSMEs by closing the financing gap they face, allowing them to improve operations and take advantage of growth opportunities.
The financing plan offers up to 36 months to repay with no early payment fees, helping MSMEs manage their cash flow. Businesses also have flexible repayment options that align with their cash flow needs, with no penalties.
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Additionally, the revolving credit financing lets MSMEs manage their cash flow and quickly take advantage of business opportunities with funds being disbursed in as little as two working days after loan approval.
Fozia Amanulla, Chief Executive Officer of Boost Bank said, “At Boost Bank we understand the unique needs of MSMEs and the critical role financing plays in their growth In line with our mission to drive financial inclusion and growth for underserved communities, we are committed to providing a platform that opens doors to growth, empowering businesses to overcome challenges and achieve success,”.
She said that this partnership with CGC Digital helps the company provide quick, easy, and accessible financing solutions, giving MSMEs the support they need to overcome challenges and take advantage of growth opportunities.
Meanwhile, Yushida Husin, Chief Executive Officer of CGC Digital, said that Boost Bank is the firm’s first digital bank partner marking a significant milestone in its journey towards facilitating access to financing with digital-first partners. By collaborating with Boost Bank we can offer seamless, efficient, and accessible financial products that cater to the unique needs of MSMEs,”.
She said that this partnership is an important step in helping underserved MSMEs by giving them the financing they need to succeed.
CGC Digital is a fully owned fintech branch of CGC, started in July 2022, focused on improving financial services through digital tools and making financing more accessible.
About CGC Digital
CGC Digital uses digital platforms and solutions to drive innovation and improve the implementation of digital projects, helping MSMEs at every stage of their business.
