A helping hand for SMEs in times of need


IN the wake of the devastating pandemic that turned the entire world upside down, many smaller enterprises and businesses have been severely impacted by the ensuing economic standstill due to the movement control order imposed to stem the spread of the virus.

Help is at hand for Malaysian SMEs.Help is at hand for Malaysian SMEs.

With reduced physical business, it makes sense to move online, but not all small and medium enterprises (SMEs) have the means or knowledge and experience to do this.

To address this issue and help Malaysian SMEs survive these trying times, particularly with the current spike in new cases, homegrown e-Wallet Boost commemorated its third anniversary with a commitment to build a robust and trusted e-Wallet ecosystem with a focus on SMEs, especially microenterprises, to digitally enable and transform while also providing financing support in the new normal.

“The most important lesson of the Covid-19 pandemic is that the SME community, especially the micro-enterprises who make up 76.5% of it, are the ones who fuel both our economic growth and social development,” said Boost chief executive officer Mohd Khairil Abdullah.

“As we turn three, we’re emphasising on building up a robust and trusted e-Wallet ecosystem for the SMEs and become an enabler for them to transform digitally with the necessary tools, resources and expertise.

“Meanwhile, we will continue rolling out innovative features for users to seamlessly adapt to the new normal, especially in light of the recent rise in confirmed cases.”

In supporting the Government’s Penjana initiative to encourage local businesses to move online, carefully curated starter packs with simplified solutions are offered under the SME Digitalization Grant by the Malaysian Digital Economy Corporation (MDEC), in partnership with Celcom – an official Technology Solutions Provider (TSP).

Under this initiative, the government will provide a 50% matching grant of up to RM5,000 per company for the subscription of digital services through selected TSPs such as the Boost SME Digitalization Grant.

This helps prepare merchants for the current economic climate whereby going online and digital is the key to sustaining a business.

Boost ewallet services provide merchants a simplified ecommerce solution to adopt digitalization in their daily operations including:

> Boost Business app to track transaction histories and for data on sales.

> Business Payment Link, a contactless payment feature that allows merchants to send a payment URL link via email or messaging apps.

> Listing on Boost Marketplace to create online presence and increase awareness.

Further to this, a customer and sales growth solution allows businesses to generate repeat customers using cashbacks and online listing.

The Finance Ministry will work together with Bank Simpanan Nasional, SME Bank and MDEC in managing the grant to eligible SMEs.

To suit the needs of different companies and industries, Boost has rolled out four packages for SMEs to choose from.

SMEs can kickstart their digital journey now with a digital starter pack worth up to RM15,000 by paying as low as only RM1,000!

This is half the actual worth of the package.

The amount invested generates returns from the cashback campaign, making it a truly value-for-money proposition to start off the foray into digitalising the business.

Besides this, merchants can also benefit from in-app and digital marketing solutions to help their business take off in the digital world.

The table below illustrates what merchants who sign up can expect and how they benefit from it.

Besides this package, there are three other packages designed to meet the unique needs of different businesses.

For the Basic, Premium or Gold package, merchants also just only pay 50% of the actual worth - a truly worthy investment indeed, especially in these times. Merchants also enjoy benefits from the cashback campaign as well as in-app and digital marketing solutions.

The table below clearly outlines the benefits that await merchants who take up any of the packages.

SMEs can sign up for the Boost Digitalization Grant most suited to their business with 0% upfront payment for eligible pre-approved microfinancing merchants for microloans. Further to this, merchants also enjoy a six-month moratorium period on their loan.

Boost e-Wallet services provide merchants a simplified ecommerce solution.Boost e-Wallet services provide merchants a simplified ecommerce solution.

Boost e-Wallet services provide merchants a simplified ecommerce solution to adopt digitalization in their daily operations including:

> Boost Business app to track transaction histories and for data on sales.

> Business Payment Link, a contactless payment feature that allows merchants to send a payment URL link via email or messaging apps.

> Listing on Boost Marketplace to create online presence and increase awareness.

Further to this, a customer and sales growth solution allows businesses to generate repeat customers using cashbacks and online listing.

To tie it together, a digital marketing solution starter pack helps merchants launch their campaign marketing efforts. This initiative also offers some protection against income disruption with a micro-insurance.

For more details, follow Boost Business on Facebook or check out its website

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