COMING off a good – albeit challenging – year, fintech firm Boost has gotten yet another boost: it is among the successful applicants for the digital bank licences from Bank Negara.
Notably, it would take time for a full digital bank to get off the ground but Boost has a ready base of underserved customers to cater to and the firm is rearing to extend its financial services to the segment.
Group chief executive officer Sheyantha Abeykoon (pic) points out that Boost already has a strong digital lending business that is operating at scale, which would form the bedrock of its banking business.
Boost has disbursed close to RM750mil worth of loans to small businesses over the past three years with almost 42% of them having never received credit before.
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