Boost, a leading regional fintech player, closed 2024 on a stellar note, achieving major milestones that reinforce its position as a transformative leader in the digital financial landscape. With a focus on innovation, accessibility, and financial inclusion, Boost has continued to evolve its offerings, creating a seamless ecosystem that empowers individuals and small businesses alike. As it looks to the future, Boost is accelerating its ambition to transition into a regional digital banking group, with a clear vision of shaping the next frontier of digital banking and financial services in Southeast Asia.
Riding the Momentum of a Booming Digital Economy
According to the e-Conomy SEA 2024 report , Southeast Asia’s digital financial services (DFS) sector is on track to generate $33 billion in revenue, driven by the widespread adoption of QR payments and digital lending. Boost has capitalized on this growth, with Boost Bank securing over RM700 million in deposits within just six months of its launch, and Boost PayFlex disbursing more than RM240 million since its introduction. These achievements highlight Boost’s ability to deliver innovative financial solutions that resonate with users. Further solidifying its position as a trusted platform, Boost recorded an impressive Gross Transaction Value (GTV), with transactions exceeding RM5.6 billion for the year.
“2024 was a landmark year for Boost, solidifying our position as a leading fintech player that has now expanded our suite of services to include Banking products and services. Our growth reflects the trust our users and partners have placed in us and the increasing demand for innovative digital financial solutions. Through our expanding suite of services which now includes lending, payment gateway services, deposits and investment products offered via an embedded finance proposition, we are uniquely positioned to drive meaningful impact for both small businesses and consumers as we transition towards becoming a regional digital banking group. With Southeast Asia’s digital economy thriving, Boost remains steadfast in its commitment to delivering accessible and transformative digital financial solutions,” said Sheyantha Abeykoon, Group CEO of Boost.
Pioneering Digital Banking and Embedded Finance Solutions
In June 2024, Boost Bank, Malaysia’s first homegrown digital bank was launched with a mission to revolutionize financial access for underserved and unbanked communities. With user-friendly features such as RM1 account openings, competitive daily interest rates, and Savings Jars, Boost Bank has quickly gained traction, empowering users to take greater control of their finances. Its strong appeal across diverse user segments underscores its ability to address the evolving needs of modern banking while fostering financial inclusion on a national scale.
Seamless onboarding has also positioned Boost Bank as a leader in embedded banking, with an impressive 80% of its user base coming through from the Boost app, underscoring its ability to integrate seamlessly into users’ everyday financial activities. Central to this growth are Boost Bank’s innovative features and strategic partnerships with major players such as MYDIN, CKS Retail, Servay, Bataras, and Farley, and with leading telco provider, CelcomDigi. Combined, these have resonated strongly with users, accounting for 40% of overall deposits since launch.
“The launch of Boost Bank represents a significant leap in our journey to redefine financial inclusion. In fact, Boost Bank is not just a milestone for us; it’s a milestone for Malaysia. This is about more than deposits or accounts; it’s about creating a platform that truly empowers individuals and businesses to thrive. We are proud of our strategic partnerships which have allowed us to reach out to the underserved segment. This has been our key strategy to empower these communities to bank digitally. Through our innovative digital banking solutions, we aim to unlock greater economic opportunities across the nation, ensuring no one is left behind,” said Fozia Amanulla, CEO of Boost Bank.
Empowering Businesses and Consumers Through Lending and Seamless Transactions
Boost continues to drive financial inclusion and support economic growth across Southeast Asia with innovative solutions for both businesses and consumers. Its lending portfolio has surpassed RM5 billion in loans disbursed across Malaysia and Indonesia to thousands of micro, small and medium enterprises (MSMEs). These solutions have been pivotal in helping them bridge funding gaps and achieve sustainable growth.
Boost PayFlex has demonstrated remarkable growth despite its late entry into the Buy Now, Pay Later (BNPL) segment. The Shariah-compliant product has onboarded over 121,000 customers and disbursed more than RM240 million since its launch. As the BNPL market in Southeast Asia is forecasted to reach $53.2 billion by 2027, with Malaysia poised to become one of the region’s fastest-growing markets, Boost PayFlex is strategically positioned to capitalize on this trend. By championing responsible financing and advancing financial inclusion, Boost PayFlex continues to empower consumers with flexible and accessible financial solutions.
Expanding Regional Presence: Indonesia and Cambodia
As Boost expands its presence across Southeast Asia, it remains focused on delivering financial solutions that address the unique challenges of each market. In Indonesia, Boost has built on its strong foundation of supporting MSMEs by venturing into consumer lending through a strategic partnership with ecosystem players. This collaboration provides financing options for telco customers, advancing financial inclusion in one of Southeast Asia’s largest and most dynamic markets.
In Cambodia, Boost has collaborated with Smart Axiata to roll out a consumer lending program aimed at bridging critical gaps in financial access in the market. By utilizing Smart Axiata’s extensive network, this initiative seeks to extend financial services to underserved communities, fostering economic growth and empowering individuals. This effort aligns with industry projections that digital lending will continue to grow significantly through 2025. Through these strategic regional expansions and innovative offerings, Boost continues to drive digital transformation and expand financial inclusion across Southeast Asia.
Looking Ahead: Boost’s Vision for 2025
As Southeast Asia’s digital financial services sector is projected to grow at a compound annual growth rate (CAGR) of 31% through 2025, Boost is well-positioned to drive the next wave of transformative innovation by seamlessly integrating embedded banking solutions, making financial services more accessible, intuitive, and impactful for individuals and businesses alike.
Boost Bank is set to build upon its existing offerings and roll out new, financially inclusive products to be at the forefront of financial empowerment. This product expansion roadmap will include consumer loans as well as other innovative products to financially empower MSMEs. Boost Bank will also champion the underserved and unbanked with the expansion of its partnership ecosystem with more collaborations centred on driving financial inclusion.
On the lending front, Boost will focus on strengthening its foothold in the consumer BNPL segment with Boost PayFlex. With responsible lending at its core, Boost PayFlex will roll out initiatives to drive wider adoption among consumers, enabling financial freedom. Boost will also strengthen its focus on fostering financial inclusion by addressing the needs of underserved and unbanked populations across Southeast Asia by delivering innovative digital financial solutions designed to meet real-world challenges and unlock lasting economic opportunities.
