On Tuesday, Malaysia’s digital bank, Boost Ban,k announced that it has provided nearly MYR 150 million (about $35.52 million) in financing to hundreds of small and medium-sized businesses (SMEs).
The bank said that as the first digital bank in Malaysia to offer financing solutions for small businesses, this achievement shows Boost Bank’s strong commitment to supporting financial inclusion and helping small businesses that need it most.
With average loan amounts of about MYR 300,000 ($71,048), this growth is driven by Boost Bank’s main financing options: term loans and revolving credit. These are made to meet the different needs of small businesses with simple paperwork, quick loan processing, and flexible repayment plans.
Hundreds of small businesses from different sectors, like wholesale, manufacturing, retail, construction, and food and beverage, have used these solutions. They help businesses cover everyday costs, manage cash flow, and grow with less difficulty and more flexibility.
“SMEs are at the heart of Malaysia’s economy. They create jobs, spark innovation, and keep our communities vibrant. When we started offering SME financing, our mission was clear – to help business owners overcome the financing challenges they often face,
“Reaching this milestone is not just about hitting a target. It’s about showing what’s possible when financing is made simple, accessible, and built around the real needs of business owners,” said Fozia Amanulla, Chief Executive Officer of Boost Bank.
“This also shows how quickly digital solutions are changing the way businesses work.”
“At Boost Bank, we’re committed to supporting SMEs not just with financing, but also with the right tools and services to help them run and grow their businesses confidently in the digital age,” she added.
Looking to the future, Boost Bank said it will soon launch a new digital platform created specifically for small businesses.
The platform will offer more than just financing. It will help small businesses manage their money, payments, and operations in one place, making it easier for business owners to focus on growing their business.
Boost Bank, a partnership between Axiata and RHB, was launched on June 6, 2024. It is Malaysia’s first local digital bank and features an innovative banking app.
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