Boost Bank soars to new heights in 2024, eyeing greater growth in Southeast Asia
In a press briefing, fintech player Boost with its diverse array of financial solutions shared the major milestones that they achieved in 2024 and their future plans. Among their achievements is their banking arm Boost Bank securing more than RM700 million in deposits in just six months of its debut in June last year.
Boost Bank achievements in 2024
Since its launch, Boost Bank has significantly expanded their presence in embedded banking with 80% of its user base coming via the Boost app.
Boost Bank also expanded their strategic partnerships with major industry players including CelcomDigi, MYDIN, CKS Retail, Servay, Bataras and Farley, accounting for 40% of overall deposits since launch.
Their debit card since launch also enjoyed a monthly average industry spend double that of the industry average. Other key achievements for Boost Bank are also being the first digital bank to have a Google Pay supported debit card and the first digital bank to offer SME lending.
“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.
In the case of Buy Now, Pay Later (BNPL) payment solutions provider Boost PayFlex, the brand has on-boarded over 121,000 customers since launch while disbursing more than RM240 million since its debut.
Among their diverse achievements overseas, Boost has collaborated with Smart Axiata in Cambodia to deploy a consumer lending programme for the underserved while in Indonesia they have offered financing options for telco customers to advance financial inclusion in one of Southeast Asia’s largest markets.
Looking head, Boost is looking to include new, financially inclusive products as part of their portfolio including consumer loans and other financial products for greater financial inclusion. On the lending front, Boost will also strengthen its foothold with more initiatives with Boost PlayFlex for wider adoption.
Boost is available to download on the Huawei App Gallery, Google Play Store and Apple App store and can also be found on https://myboost.co/