KUALA LUMPUR: Digital lender Boost Bank is collaborating with Credit Guarantee Corporation Malaysia Bhd's fintech subsidiary CGC Digital to provide micro, small and medium enterprises (MSME) with RM130mil in funding.
Under the partnership, CGC Digital will provide CGC's guarantee cover through bundling with Boost Bank's MSME financing solutions.
"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," said Boost Bank CEO Fozia Amanulla in a statement.
CEO of CGC Digital Yushida Husin said the partnership aligns perfectly with the company's aim to collaborate with digital-first partners.
"Boost Bank is our first digital bank partner, marking a significant milestone in our journey towards facilitating access to financing with digital-first partners," she added.
According to the statement, Boost Bank’s term loan financing offers MSMEs a convenient application process with minimal documentation required for loan amounts from RM50,000.
The facility features a financing tenure of up to 36 months with no early settlement fees, facilitating effective cash flow management by MSME borrowers.
Businesses can also enjoy flexible repayment options to be more in sync with their cash flow needs without incurring any penalty.
The revolving credit financing offers MSMEs flexibility to manage their cash flow and rise to business opportunities with ease with its swift financing disbursement feature, which enables businesses to receive funds in as fast as two working days upon approval of the loan.
