The fintech arm of telecommunications conglomerate Axiata has introduced a Shariah compliant digital finance facility for MSMEs, expanding the pool of Islamic fintech-enabled solutions in Malaysia.
Boost’s new product – Capital Plus – is a microfinancing facility providing qualified MSMEs up to RM100,000 (US$23.87 million) financed through its digital lending subsidiary Boost Credit, formerly known as Aspirasi.
The application process can be completed in 10 minutes and funds will be disbursed within 48 hours.
“The pandemic has posed many challenges for MSMEs to continue running their businesses. For most MSMEs, the challenge of maintaining steady cashflow weighs heavily on their minds. In this recovery process, we believe that it takes a collective effort. We are committed to being a reliable partner for our merchants and underserved MSMEs in the country in easing their financial burdens by increasing access to affordable financing,” Sheyantha Abeykoon, CEO of Boost, shared. “One of the key aspects we have incorporated into Capital Plus is a three-month moratorium for MSMEs. We hope that MSMEs will find this micro-financing facility helpful in giving a boost to their recovery journey and provide them the much-needed capital to re-start their businesses.”