PETALING JAYA: Millions of micro, small and medium enterprises (MSMEs) in Malaysia remain locked out of traditional financing due to the lack of formal credit histories, a gap Axiata Group Bhd
’s fintech arm Boost Holdings Bhd, says it is addressing.
Boost now uses transaction data from its eWallet ecosystem to provide data-driven lending and embedded digital banking solutions for small businesses and individuals who lack conventional credit histories.
Its group chief executive officer Sheyantha Abeykoon said the group recognised early that many small businesses – ranging from roadside food operators to night market vendors – across South-East Asia fall outside conventional banking requirements despite having steady cash flow and demand for financing.
“To bridge the longstanding financing gap faced by underserved businesses, we pioneered a market-first approach: a data-driven, digital-first alternative to traditional lending,” he told StarBiz.
“By harnessing real-time transaction data, behavioural insights, and platform activity, we reimagined creditworthiness and enabled more inclusive access to capital.
”Originally launched as an eWallet, Boost now offers digital payments, payment gateway solutions, consumer and small and medium enterprises (SMEs) lending, and digital banking in Malaysia, as well as lending operations in Indonesia and Cambodia.
Boost recorded a gross transaction value exceeding RM5.6bil in 2024.
Meanwhile, to date, Boost has disbursed over RM5bil in financing to small businesses across Malaysia and Indonesia.
Abeykoon said Boost’s ability to provide personalised financing tailored to small businesses’ cash flow needs became the foundation for its broader embedded finance strategy.
Building on this momentum, he said Boost expanded into the consumer segment with Boost PayFlex, a Syariah-compliant buy-now-pay-later solution.
Since its debut, Boost PayFlex has served more than 154,000 customers and disbursed close to RM600mil as of November 2025, more than doubling its 2024 growth.
Abeykoon added that Boost Bank, Malaysia’s first homegrown digital bank and a 60:40 joint venture with RHB Banking Group, now fully integrates the group’s lending capabilities, including both SME and consumer financing.
According to him, the digital bank’s SME solutions alone have provided over RM300mil in funding to hundreds of businesses.
He said a key milestone is the development of a dedicated SME platform under Boost Bank, designed as a one-stop digital hub for businesses to manage both their finances and operations efficiently.
“To us, embedded banking is not just a technological evolution; it is a fundamental shift in how we deliver financial inclusion.
”Boost’s 12 million eWallet users can access Boost Bank directly within the Boost app, without the need to download a separate platform.In fact, Abeykoon said 80% of Boost Bank users were onboarded from the existing eWallet base.“
This reinforces the power of a truly embedded mobile-first ecosystem in making banking more intuitive and relevant,” he added.
Looking ahead, Abeykoon said Boost’s experience in Malaysia provides a “proven blueprint” for responsible, scalable growth across South-East Asia.
“Collaborations with telcos, eCommerce platforms, or government-linked programmes have been instrumental in extending our reach and localising our solutions across diverse South-East Asian markets,” he said.
“In a region where regulatory environments and consumer needs vary widely, partnerships allow us to adapt with agility while amplifying impact.”
In Cambodia, for example, Abeykoon said Boost’s partnership with mobile network operator Smart Axiata, also Axiata’s subsidiary, delivers consumer financing that bridges real economic gaps, reaching underserved communities where it matters most.
Abeykoon said the group’s ambition is to drive inclusive financial impact at scale across South-East Asia, where millions remain unbanked or underbanked and demand for digital-first solutions is strong.
“As we look ahead, our ambition is simple but bold: to drive inclusive financial impact at scale across South-East Asia,” he said.
“The region is home to millions who remain unbanked or underbanked, and the appetite for digital-first solutions has never been stronger.”
Abeykoon said central to this mission is Boost’s commitment to nurturing the next generation of fintech leaders for Malaysia and actively investing in local talent, innovation, and capabilities that will shape the future of the industry.
“What began as a homegrown eWallet focused on enabling cashless payments has grown into an aspiring regional digital banking group with the ambition to drive meaningful financial inclusion for underserved individuals and businesses across South-East Asia by marrying innovation with trust at scale,” he noted.
“This positions Boost as not only a fintech, but also a regional engine for financial empowerment.”
