Managing payments, settlements, business accounts and financing can take up valuable time for small business owners. To make the process easier, Boost has introduced Boost SME, a fully digital business banking platform that brings banking, payments and financing together in one place.
Through Boost SME, Malaysian businesses can open an account in as little as five minutes without visiting a physical branch. They can also apply for business financing of up to RM300,000, with approval possible in just 10 minutes.
Boost SME Brings Business Finances Into One Platform
Boost SME was created to help business owners simplify their daily financial operations.
Available through web and mobile applications, the platform allows businesses to monitor their finances from one dashboard. Owners can also control account access based on the roles of different employees.
Businesses can accept payments through DuitNow QR, online payment channels and in-store card transactions.
One of the main features offered by Boost SME is same-day DuitNow QR settlement, including on weekends and Malaysian public holidays. This gives merchants faster access to their sales proceeds and could help them manage daily cash flow more effectively.
Boost Group Chief Executive Officer Sheyantha Abeykoon said businesses need financial services that work together instead of operating separately.
“At Boost, our ambition is to remove friction from every financial interaction by making banking, payments and financing simpler, more connected and easier to access.”
He added that Boost SME brings together the financial capabilities businesses need to operate more efficiently, strengthen their resilience and pursue new opportunities.
Boost Grow Offers 3% Daily Interest
The platform comes with two main propositions: Boost Grow and Boost Flow.
Boost Grow is designed for businesses that want to earn returns on the money kept in their accounts.
Businesses can earn 3.0% per annum in daily interest, with no minimum balance and no lock-in period.
This allows businesses to continue accessing their funds when needed while earning interest on their available balance.
Boost Flow Supports Merchant Cash Flow
Boost Flow is aimed at merchants that want to improve cash flow and lower operating costs.
Eligible businesses can receive a 0.1% sales rebate of up to RM2,000. They may also access a Merchant Cash Advance, with credit limits starting from RM10,000.
Businesses may become eligible for the Merchant Cash Advance after recording at least RM2,000 in transactions over 30 days as Boost merchants.
Boost Flow also offers 0.5% per annum in daily interest on business balances.
The final rebate amount, credit limit and other benefits offered through Boost SME remain subject to eligibility and the platform’s terms and conditions.
Boost SME Offers Financing Of Up To RM300,000
Businesses that need a larger amount of financing can access Boost Bank’s Biz Loan through the same platform.
Biz Loan provides financing of up to RM300,000, with approvals taking as little as 10 minutes.
Once the financing offer is accepted, the funds may be disbursed within 24 hours. Approval times and financing amounts remain subject to assessment and eligibility.
The facility could help SMEs obtain working capital, purchase inventory, invest in equipment or finance their expansion plans.
Boost Bank was formed through a joint venture between Boost and RHB under Bank Negara Malaysia’s digital banking framework. The digital bank reportedly disbursed more than RM150 million in SME financing during its first year.
More Digitalisation Support For Malaysian Businesses
Beyond banking and financing, Boost SME also provides additional tools to support business digitalisation.
Eligible merchants may receive complimentary AWS e-Invoicing subscriptions and training, helping them prepare for Malaysia’s e-Invoicing requirements.
Businesses may also receive complimentary Soundbox Lite devices while stocks last. Other eligible merchants can obtain rebates on selected payment soundboxes or terminals.
The launch is supported by several ecosystem partners, including Parkson Credit.
After nearly a decade of serving Malaysian businesses, Boost is positioning Boost SME as the next step in its evolution from an eWallet and digital lender into an integrated digital financial ecosystem.
By bringing banking, payments and financing into one platform, Boost SME aims to help business owners spend less time on financial administration and more time serving customers and growing their operations.
Businesses can register through the Boost SME website or download the Boost SME app from the Apple App Store and Google Play Store.
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