PETALING JAYA: Boost, the financial technology (fintech) arm of Axiata Group Bhd
, aims to expand into a new market in South-East Asia and double down on its existing business in Indonesia in 2023.
Boost group chief executive officer Sheyantha Abeykoon said the fintech company was looking to expand into new markets close to Malaysia that had a similar financial market structure.
“I cannot disclose the country that we plan to expand our operation in except say we are looking for countries already equipped with (eWallet or digital banking technology) that we can leverage on,” Sheyantha told StarBiz.
Following the recent Digital Bank licence award from Bank Negara, Boost launched its refreshed brand yesterday, along with an update on future plans for the coming months and 2023.
Boost’s brand refresh was the next phase of its repositioning exercise that started last year after unifying Axiata’s digital financial services under one roof.
The Boost brand, which was previously associated with an eWallet business, extended its offerings beyond cashless payments into alternative lending, insurtech and cross-border payment services evolving into a full spectrum fintech company.
“Having successfully ignited confidence in Malaysians adopting digital financial solutions for nearly five years now, Boost remains at the forefront of the industry through innovative fintech solutions that leverage artificial intelligence to fuel winning ambitions and unstoppable growth.
“Our overall business continued to see strong growth as Boost achieved significant milestones since then, such as securing an investment-grade A1 rating from RAM Ratings for our lending business and winning the digital bank licence, to quote a few watershed events.
“As we chart new frontiers, our refreshed brand reflects our relentless ambition to break boundaries and empower everyone across the region with accessible and simplified digital financial solutions,” said Sheyantha.
Boost has more than 500,000 merchant subscriptions for Boost touchpoints in Malaysia and Indonesia.
Boost chief marketing officer Diana Boo said every aspect of the brand refresh from the logo and typography to the new colourful trail and tagline went through careful consideration.
“In addition, the look and feel has also completely transformed our Boost app and website, designed to be more accessible and friendly for all to encourage digital adoption and greater financial inclusion,” said Boo.
Boost’s overall gross transaction value increased 26.8% to RM2.9bil in the first half of 2022 compared to the corresponding period, with net revenue growing in a similar manner.
Additionally, Boost recorded more than double year-on-year loan value disbursed region-wide, and a 43.1% increase in merchant touchpoints reaching over 500,000 across Malaysia and Indonesia, as well as a 10.5% increase in user base to over 10 million, and a four-digit growth in the usage of BoostBills’ features.
