KUALA LUMPUR: Boost Bank says it will launch its SME financing services in early October to drive Malaysia's business growth.
It features two key financial products, namely term loan and revolving credit.
Boost Bank said this marks a milestone as it becomes the first digital bank in Malaysia to offer financial solutions specifically designed for local businesses.
"It also underscores the bank's commitment to driving financial empowerment and inclusivity for both SMEs and MSMEs across the nation.
"The SME financing solutions offer a seamless application process with minimal documentation, no hidden fees and loan amounts from RM50,000.""
With fast loan processing, businesses can receive timely access to capital when it is needed most, it added.
The loans are also designed to provide flexible financial solutions that cater to the diverse needs of Malaysian SMEs to grow and thrive.
The term loan facility offers a tenure of up to 36 months, with no early settlement fees, allowing businesses to effectively manage their cash flow.
"Flexible repayment options ensure that businesses can repay early, without any penalty, whenever it suits their business cycle," Boost Bank chief executive officer Fozia Amanulla said.
Amanulla said the bank is on a mission to transform financial inclusion and spark lasting impact for Malaysia's underserved communities.
"By harnessing cutting-edge digital innovation and our dynamic fintech ecosystem, we're not just offering financial products - we're building a platform that empowers SMEs to break through barriers and unlock their true potential."
Boost group chief executive officer Sheyantha Abeykoon said SMEs are not just the backbone of Malaysia's economy; they are the engine of innovation, growth and resilience.
"This is not just about providing loans, but about partnering with SMEs to fuel their long-term success and contribute to Malaysia's broader economic transformation," he noted.
Building on five years of expertise developed through Boost Credit, Boost Bank's financing business will be seeded with a portfolio of more than RM120 million in loans from Boost Credit.