Managing banking, payments and financing across different platforms can be a hassle for small businesses. Boost is looking to simplify that with Boost SME, a new digital platform that brings these services together for Malaysian SMEs.
Launched recently, Boost SME combines business banking, payment acceptance, financing and rewards in one platform, accessible through web and mobile. The platform is designed to help businesses manage everyday financial tasks while giving them access to tools that can support cash flow and growth.
Banking and payments in one place
Boost SME allows businesses to open an account digitally in as little as five minutes and manage their finances through a single platform. Businesses can accept payments through DuitNow QR, online payments and in-store card payments, while same-day DuitNow QR settlements are available on weekends and Malaysian public holidays, according to Boost.
The platform also supports role-based account management, allowing business owners to give different levels of access to their employees. For SMEs, the appeal is fairly straightforward. Instead of managing separate services for receiving payments, handling business funds and accessing financing, more of these functions can be managed from a single platform.
SMEs can earn interest and get rebates
Boost SME comes with two propositions, Boost Grow and Boost Flow, aimed at different business needs.
Boost Grow is designed for businesses with surplus cash. Eligible businesses can earn 3.0% p.a. daily interest, with no lock-in period or minimum balance requirement, based on Boost’s launch information. On the other hand, Boost Flow is focused on merchants looking to improve cash flow and reduce operating costs. Eligible merchants can receive a 0.1% sales rebate, capped at RM2,000 in monthly sales.
Merchants can also access a Merchant Cash Advance with credit limits starting from RM10,000, subject to eligibility and transaction requirements
Financing of up to RM300,000
For SMEs looking for additional working capital, Boost SME also gives businesses access to Boost Bank’s Biz Loan, with financing of up to RM300,000. Boost says approvals can take as little as 10 minutes, with disbursement as fast as 24 hours after loan acceptance, subject to the applicable requirements and terms.
Beyond financial services, eligible merchants can also receive complimentary AWS e-Invoicing subscriptions and training. Complimentary Soundbox Lite devices are also available while stocks last.
Boost Group CEO Sheyantha Abeykoon said the platform is aimed at making financial services more connected and easier for businesses to access. “As Malaysia’s digital economy continues to evolve, businesses need financial services that work seamlessly together rather than in silos,” he said.
Boost SME is the latest addition to Boost’s wider business and financial services ecosystem, which already includes merchant payment solutions and financing services. For Malaysian SMEs, the real test will be whether putting banking, payments and financing under one platform can make everyday financial management simpler.
