Boost Bank and CGC Digital Partner to Enhance MSME Financing in Malaysia
Boost Bank, the nation’s first homegrown digital bank, has partnered with CGC Digital, a fintech subsidiary of Credit Guarantee Corporation Malaysia Bhd (CGC), to enhance support for eligible underserved MSMEs across Malaysia. Under this partnership, a total of RM130 million has been earmarked for Boost Bank’s financing solutions, including Term Loan and Revolving Credit facilities.
CGC Digital will provide CGC’s guarantee cover through bundling with Boost Bank’s MSME financing solutions to further strengthen MSME access to finance. This initiative aims to reach thousands of MSMEs, bridging the critical financing gap they face while enabling businesses to enhance operations and capitalize on growth opportunities.
Empowering MSMEs with Tailored Financing Solutions
Boost Bank’s Term Loan financing offers MSMEs a streamlined application process with minimal documentation required for loan amounts starting from RM50,000. The facility features a financing tenure of up to 36 months with no early settlement fees, allowing MSMEs to manage cash flow more effectively. Flexible repayment options are also available to align with business cash flow needs without incurring penalties.
Meanwhile, the Revolving Credit financing provides MSMEs with greater financial flexibility, enabling them to manage cash flow efficiently and seize business opportunities. With a swift financing disbursement feature, approved businesses can receive funds in as fast as two working days.
Fozia Amanulla, CEO of Boost Bank, stated, “At Boost Bank, we understand the unique needs of MSMEs and the critical role financing plays in their growth. In line with our mission to drive financial inclusion and growth for underserved communities, we are committed to providing a platform that opens doors to growth, empowering businesses to overcome challenges and achieve success.
“This partnership with CGC Digital strengthens our ability to offer seamless, fast, and accessible financing solutions, empowering MSMEs to overcome challenges and seize growth opportunities. We will continue to innovate transformative offerings that will elevate the MSME landscape in Malaysia.”
A Strategic Collaboration for Digital-First Financial Inclusion
Yushida Husin, CEO of CGC Digital, highlighted, “Boost Bank is our first digital bank partner, marking a significant milestone in our journey toward facilitating access to financing with digital-first partners.
“By collaborating with Boost Bank, we can offer seamless, efficient, and accessible financial products that cater to the unique needs of MSMEs. This partnership is a significant step forward in our mission to support underserved MSMEs by providing them with the financing they need to succeed.
“It also aligns perfectly with the purpose for which CGC Digital was established—collaborating with digital-first partners. We are excited about the potential this partnership holds and are eager to explore further collaborations with other digital-first players in the industry. Our goal is to continuously enhance our offerings, ensuring that we remain at the forefront of financial innovation.”
Commitment to Financial Inclusion and MSME Growth
Boost Bank and CGC Digital remain committed to addressing the financial challenges faced by underserved MSMEs while promoting financial inclusion. This partnership ensures that MSMEs receive the necessary support to thrive in today’s economy, fostering long-term growth and resilience in the sector.
To learn more about Boost Bank, please visit www.myboostbank.co. For more information about CGC Digital, please visit www.cgcdigital.com.my.
