Boost Bank targets micro SMEs amidst regulatory, inclusion pressure

The digital bank builds on ecosystem strengths to serve high-risk businesses.

With 90% of Malaysia’s micro, small, and medium enterprises (SMEs) still struggling to access credit from traditional banks, Boost Bank is positioning itself to fill the financing gap by embedding tailored banking services into platforms already used by these underserved businesses.

“Most banks see them as high risk,” said Fozia Amanulla, Chief Executive Officer of Boost Bank. “But we have been serving small businesses for years. We understand how to alternate scores. We know the challenges that they face. We understand the cash life cycle and their digital behaviors.”

Instead of competing directly with large banks and fintechs, Boost Bank focuses on the underserved segment it knows best. “We don't compete head on,” said Amanulla. “The traditional banks have a legacy system, while fintechs, on the other hand, lack the capability of a full banking license. At Boost Bank, we're actually at the intersection.”

The bank’s strategy relies on deep integration within the Boost ecosystem, which already reaches millions of users and merchants. Through this network, Boost Bank embeds savings, lending, payments, and card services into the Boost Wallet, providing a seamless experience designed to meet users where they are.

“For consumers... we embed our banking offers into their platforms that they are already comfortable with. Now this creates a seamless, accessible digital banking journey,” Amanulla said.

The focus on micro SMEs is not new for Boost Bank, but the approach has matured. “Over the years, we've learned their pain points, their access to credit, cash flow gaps and the need for frictionless banking,” said Amanulla. “We are continuously coming up and designing our products in response to these challenges.”