- Provides simplified access to a full suite of digital business solutions, with financing tools
- MSEMs gain access to over 10 million Boost users to open up new potential markets
Boost, the fintech arm of Axiata has achieved remarkable success, evolving from a pioneering eWallet player and cashless payment provider to its recent digital bank license win, and brand refresh, further cementing its position as a full-spectrum regional fintech platform.
One of its key features is its digital merchant solutions powered by Boost Biz that enables merchants to gain access to cutting-edge technology, convenient financial solutions, and be part of a community where no one gets left behind. Merchants who choose Boost not only enjoy the opportunities of a reliable partner that has been empowering millions of MSMEs over the past 5 years but can leverage a holistic fintech ecosystem that has helped the underserved and unserved unlock great value.
Over the years, Boost have observed that a major pain point for businesses undergoing the digital shift is the lack of access to financing, and digitalisation costs. To address this, Boost provides its merchants with simplified access to a comprehensive suite of digital business solutions, along with financing tools and support that are catered to their needs and supports their journey of dynamic business growth without financial worries. More importantly, this further encourages financial inclusion and empowerment for MSMEs – so that they can be inspired to be unstoppable.
In the emerging digital economy, it is this kind of support that is needed to enable MSMEs to make the transition to digitalisation. To thrive in the tech landscape, MSMEs will need to embrace innovating their business beyond just digital payment adoption such as automating their operations that increases efficiency and decrease paperwork.
This can be achieved through the Boost Biz app, where merchants can stay informed of their daily sales, customer insights and business performance analysis to improve overall management processes and business operations which can help grow their business and sustain their customer base using data analytics.
In addressing financing gaps for underserved MSMEs, Boost also offers digital financing through Boost Credit, its AI-based lending business. A Shariah-compliant micro-financing facility based on Commodity Murabahah called ‘Capital by Boost Credit’ enables MSMEs to secure financing from as low as RM1,000 and up to RM100,000*, with loans disbursed within 48 hours upon approval. The tenure is for 12-months at a low profit rate of 1.5% per month, and no guarantor or collaterals are needed to apply for this financing – which can be convenient for thin file (industry lingo meaning insufficient credit history) businesses that lack certain collaterals.
Additionally, MSMEs can also receive business protection in the form of SME OwnerProtect to help safeguard their business from income disruption.
Intentionally designing its merchant solutions to be as simple and seamless as possible has provided Boost with the catalyst to grow its merchant touchpoints. As of 2022, Boost Biz has over 500,000 merchant touchpoints nationwide, which quadrupled since the pandemic. Additionally, more than 50% of Boost’s merchant base are MSMEs that traditionally ran cash-based businesses, such as pasar malam traders, mom-and-pop shops, roadside stalls, and neighbourhood grocers.
One such example of a Boost merchant is CzipLee, who has been with Boost since 2019. Cziplee saw the benefits of enabling cashless payments for their business. Jason Chen, Director of CzipLee Bangsar, said, “Going cashless and having eWallet payment as an option is helpful in terms of sales, as it is much faster and convenient for us [merchants] and for our customers.”
Additionally, Jason noted, “30% of customers use Boost for all their transactions, as it gives them the option to spend without even carrying cash or cards.” Throughout the pandemic, CzipLee was able to provide peace of mind to their customers by giving them an optimal and easy payment experience while enabling the business to scale, be more productive, and discover untapped market potential.
In addition to being a Boost merchant, business owners can also gain access to over 10 million Boost users. Fook An Medical Hall, a family owned business in Kuala Lumpur that sells traditional Chinese medicine managed to tap into Boost’s growing customer-base which prefers cashless transactions. That has helped Fook An Medical Hall to become one of Boost’s top merchants and allowed them to keep up with the latest payment methods preferred by customers.
Last year, Fook An Medical Hall’s manager, Chia Kean, decided to take the cashless payments system further, by displaying a Boost DuitNow QR code to accept cashless payments. In further digitalising his family’s business, Chia noted that “about 60% of total transactions are cashless, with QR code-based payments making up the majority of our business.”
Overall, Boost is the only app that simplifies your business with industry-leading solutions. So what are you waiting for? Become a Boost merchant today so you can finance and invest in your dreams and reach greater heights knowing that the future of your business is in good hands.
Register as a Boost merchant – https://bit.ly/registerBoostmerchant
Interested merchants can apply for Capital powered by Boost Credit – https://bit.ly/3gCYx3R