Boost has launched Boost SME, a digital business banking platform combining banking services, financing, and payment capabilities into a single system aimed at Malaysian small and medium enterprises (SMEs). Merchants can sign up via the official website or via the Boost SME app on Google Play and Apple App Store.
Boost SME Combines Multiple Tools In One
Boost SME builds on the company’s expansion from an eWallet and digital lender into an integrated digital financial platform. Sheyantha Abeykoon, Group Chief Executive Officer of Boost, said the platform is intended to connect banking, payments, and financing services that typically operate separately, with the aim of reducing friction across financial interactions for businesses.
The platform offers fully digital onboarding, with account opening possible in as little as five minutes – it provides a consolidated view of business finances, along with payment acceptance through DuitNow QR, online payments, and in-store card payments. Same-day DuitNow QR settlements are available, including on weekends and public holidays, alongside role-based account management.
Boost SME includes two propositions catering to different business needs: Boost Grow allows businesses to earn 3.0% per annum in daily interest on idle funds, with no lock-in period or minimum balance requirement. Boost Flow is designed for merchants prioritizing cash flow, offering a 0.1% sales rebate of up to RM2,000 on monthly sales. It also includes a Merchant Cash Advance offering credit limits starting from RM10,000 for businesses that process RM2,000 or more in transactions within a 30-day period as a Boost merchant.
SMEs can additionally access Boost Bank’s Biz Loan, which offers financing of up to RM300,000, with approvals possible in as little as 10 minutes and disbursement within 24 hours of loan acceptance. Eligible merchants can also receive complimentary AWS e-Invoicing subscriptions and training, along with complimentary Soundbox Lite devices (while stocks last).
Pokdepinion: It shall be seen whether approvals and settlements hold up to the speed Boost is promising once volumes scale up.
