20th March 2025 - 3 min read
Boost Bank has joined forces with CGC Digital, the fintech subsidiary of Credit Guarantee Corporation Malaysia Berhad (CGC), to improve financial support for underserved Micro, Small, and Medium Enterprises (MSMEs) across the country. This partnership allocates RM130 million to Boost Bank’s financing solutions, including Term Loan and Revolving Credit facilities, aimed at bridging the financing gap and fostering business growth.
Through this collaboration, CGC Digital will provide a guarantee cover for Boost Bank’s MSME financing solutions, strengthening access to credit for businesses in need. The initiative is designed to help thousands of MSMEs secure funding more efficiently, enabling them to enhance operations and seize new opportunities for expansion.
Boost Bank’s Term Loan financing simplifies the borrowing process by requiring minimal documentation for loans starting at RM50,000. The financing tenure extends up to 36 months, with no early settlement fees, allowing businesses to manage their cash flow effectively. Borrowers also benefit from flexible repayment options tailored to their financial cycles without incurring penalties.
For businesses requiring more liquidity and immediate access to funds, the Revolving Credit facility offers a swift disbursement process, ensuring that approved loans are made available within two working days. This flexibility provides MSMEs with a financial cushion to manage operational costs and capitalise on business prospects.
Highlighting the bank’s commitment to financial inclusion, Fozia Amanulla, CEO of Boost Bank, emphasised the importance of accessible financing for small businesses. She stated that Boost Bank understands the unique challenges MSMEs face and aims to provide seamless financial solutions that empower businesses to thrive, noting that this partnership strengthens the bank’s ability to deliver fast, accessible financing, helping businesses overcome obstacles and grow in a competitive market.
Recognising the significance of this collaboration, Yushida Husin, CEO of CGC Digital, described the partnership as a milestone in CGC Digital’s mission to facilitate access to financing through digital-first partnerships. She said that Boost Bank is CGC Digital’s first digital bank partner and that the collaboration aligns with the company’s purpose of working with digital-first institutions to develop efficient and accessible financial products.
This initiative is a step towards supporting underserved MSMEs, equipping them with the financial tools necessary for success, she said, expressing enthusiasm about exploring further collaborations with other digital-first players to advance financial innovation in the industry.
With this partnership, Boost Bank and CGC Digital reaffirm their commitment to fostering financial inclusion and providing underserved MSMEs with the resources they need to succeed. By leveraging digital-first financing solutions, both organisations aim to create a more supportive ecosystem for small businesses, ensuring they have access to the capital required to thrive in an evolving economic landscape.
For more information about Boost Bank, visit http://www.myboostbank.co. To learn more about CGC Digital, visit www.cgcdigital.com.my.
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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