- Raise achieved a GTV of over US$ 1. 2 billion in 2024
- Boost Bank secured over US$ 157M in payments within 6 months of its launch
.jpg "Boost's senior leadership highlights key milestones and upcoming plans during the Boost Year in Review 2024 media event")
Boost, a leading provincial finance person, closed 2024 on a high word, achieving major milestones that cement its position as a transformational leader in the modern economic landscape. With a strong focus on innovation, convenience, and economic participation, the business has continued to evolve its choices, creating a seamless habitat that inspires individuals and small businesses everywhere.
Looking to the future, Boost highlights its passion to transition into a local online banking group, aiming to design the next frontier of online banking and financial services in Southeast Asia.
Riding the speed of a flourishing digital business
According to the e-Conomy SEA 2024 report, Southeast Asia’s digital financial services ( DFS ) sector is expected to generate US$ 33 billion ( RM146. 8 billion ) in income, driven by popular adoption of QR bills and online banking. Boost has capitalised on this growth, with Boost Bank securing over US$ 157 million ( RM700 million ) in deposits within six months of its launch and Boost PayFlex disbursing more than US$ 54 million ( RM240 million ) since its introduction.
[RM1 = US$ 0. 224]
These successes reflect Boost’s ability to deliver impressive financial options that resonate with consumers. Demonstrating its robust performance, the company recorded a Gross Transaction Value ( GTV ) exceeding RM5. 6 billion for the year.
Sheyantha Abeykoon, party CEO of Boost, said: “2024 was a landmark year for Boost, solidifying our position as a leading finance person with an expanded set of companies, including banks items. Our growth reflects the trust our users and partners have placed in us and the increasing demand for innovative digital financial solutions. ”
“With our expanding services, including lending, payment gateway offerings, deposits, and investment products via embedded finance, we are uniquely positioned to drive meaningful impact for small businesses and consumers. As Southeast Asia’s digital economy thrives, Boost remains committed to delivering accessible and transformative financial solutions,” he added.
Pioneering digital banking and embedded finance solutions
In June 2024, Boost Bank, Malaysia’s first homegrown digital bank, launched with the mission of revolutionising financial access for underserved and unbanked communities. With features like RM1 account openings, competitive daily interest rates, and Savings Jars, the bank has gained significant traction, empowering users to better manage their finances. Seamless onboarding has made Boost Bank a leader in embedded banking, with 80 % of its users coming through the Boost app.
Strategic partnerships with major players, including MYDIN, CKS Retail, Servay, Bataras, Farley, and CelcomDigi, have contributed to the bank’s success, with these collaborations accounting for 40 % of overall deposits since launch.
Fozia Amanulla, CEO of Boost Bank, remarked: “The launch of Boost Bank is a significant milestone, not just for us but for Malaysia. It’s about more than deposits; it ’s about creating a platform that empowers individuals and businesses to thrive. ”
She added: “Our strategic partnerships have been key to reaching underserved communities and empowering them to bank digitally. Through innovative digital banking solutions, we aim to unlock greater economic opportunities nationwide, ensuring no one is left behind. ”
Empowering businesses and consumers through lending and seamless transactions
Boost continues to drive financial inclusion across Southeast Asia, offering innovative solutions for businesses and consumers. Its lending portfolio has surpassed RM5 billion in loans disbursed to thousands of micro, small, and medium enterprises ( MSMEs ) in Malaysia and Indonesia, helping them bridge funding gaps and achieve sustainable growth.
Boost PayFlex, a Shariah-compliant Buy Now, Pay Later ( BNPL) product, has onboarded over 121,000 customers and disbursed more than RM240 million since its launch. As Southeast Asia’s BNPL market is forecast to reach US$ 53. 2 billion by 2027, Boost PayFlex is well-positioned to capitalise on this trend, advancing financial inclusion while promoting responsible financing.
Expanding regional presence: Indonesia and Cambodia
Boost is expanding its Southeast Asian footprint with tailored financial solutions for each market. In Indonesia, it has extended its strong support for MSMEs by venturing into consumer lending through strategic ecosystem partnerships. In Cambodia, Boost has partnered with Smart Axiata to introduce a consumer lending programme, leveraging Smart Axiata’s extensive network to address financial access gaps and empower underserved communities.
These regional expansions align with projections that digital lending in Southeast Asia will continue to grow significantly through 2025, further driving economic growth and financial inclusion.
Looking ahead: Boost’s vision for 2025
With Southeast Asia’s digital financial services sector projected to grow at a compound annual rate of 31 % through 2025, Boost is poised to lead the next wave of innovation by integrating embedded banking solutions and making financial services more accessible and impactful.
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. The company will expand its partnership ecosystem and prioritise serving underserved and unbanked populations. On the lending front, Boost PayFlex will strengthen its position in the BNPL segment by promoting responsible lending and enabling financial freedom for consumers.
By delivering innovative digital solutions tailored to real-world challenges, Boost aims to unlock lasting economic opportunities and cement its leadership in Southeast Asia’s financial landscape.