19th August 2026 - 4 min read
Boost launched Boost SME on 18 August 2026 at KL Sentral, bringing business banking, payment acceptance and financing into one digital platform. The launch was officiated by Digital Minister Gobind Singh Deo, alongside Axiata Group Berhad Group Chief Executive Officer and Managing Director Nik Rizal Kamil and Boost Group Chief Executive Officer Sheyantha Abeykoon.
We were at the launch to see what Boost SME offers small and medium enterprises (SMEs). In one app, businesses can open a savings account, accept customer payments, and apply for business financing without switching between platforms.
In his speech, Gobind said SMEs and micro-SMEs made up 97% of Malaysia’s economy, contributed 39.7% to the country’s digital economy Gross Domestic Product (GDP) in 2025, and represented 49% of the national workforce.
Boost Connect Chief Executive Officer Ankur Jakhwal shared what his team found after years of speaking to small business owners. According to him, 30% of micro-SMEs still run their business manually, while 51% still cannot access financing.
He said many small businesses still have money kept in conventional bank accounts earning little, while also dealing with rising costs such as Merchant Discount Rate (MDR) and transaction processing fees. Business owners can also lose time handling routine banking tasks at branches, while unexpected cash flow gaps can leave them looking for ways to cover short-term expenses.
To solve these business problems, Boost SME brings together business savings and transaction accounts, payment acceptance and financing in one platform.
| Product | Key Features |
|---|---|
| Boost Grow (savings account) | 3% p.a., calculated daily, with no lock-in period and no minimum balance |
| Boost Flow (transaction account) | 0.1% sales rebate of up to RM2,000 in monthly sales |
| Boost Connect (payment gateway) | Accepts DuitNow QR (DNQR), online payments and in-store card payments on one platform, with no need to visit a branch. DNQR settlements are made on the same day, including weekends and Malaysian public holidays |
| Boost Bank Biz Loan | Financing of up to RM300,000. Approval in as little as 10 minutes, with disbursement as fast as 24 hours after loan acceptance |
| Merchant Cash Advance | Credit limits from RM10,000 for businesses that transact RM2,000 or more over 30 days as a Boost merchant |
Eligible merchants also get complimentary AWS e-Invoicing subscriptions and training, plus complimentary Soundbox Lite devices while stocks last. Boost has announced a launch promotion too, with the first 1,000 merchants to sign up getting up to a 100% rebate on payment devices such as card terminals.
Sole proprietors and registered companies across Sabah, Sarawak and Peninsular Malaysia can open a Boost SME account, which Boost says takes as little as five minutes. Sole proprietors need to complete e-KYC, while registered Sdn Bhd companies complete e-KYB and provide their business address details. The entire process is done online, so there is no need to visit a branch.
Speaking to the media after the event, Sheyantha said most of Boost’s current SME loans fall between RM100,000 and RM500,000. Boost SME is aimed at businesses below that range, so sundry shops and food stalls can qualify too.
Boost has served 30,000 to 40,000 businesses so far, and its digital bank alone has disbursed more than RM500 million in loans. Sheyantha also shared an internal target for more than 75% of the bank’s lending to eventually come from the SME segment. Boost SME is the first phase of a longer roadmap.
Sheyantha said applicants with no prior history with the bank can still be approved, although approval remains subject to Boost’s credit assessment.
In its official statement, Boost said Biz Loan approval can come in as little as 10 minutes, with disbursement as fast as 24 hours after you accept the loan. The Merchant Cash Advance is available from RM10,000 for businesses that have transacted RM2,000 or more over 30 days as a Boost merchant.
Sign-up is open now for both sole proprietors and registered companies. Download the Boost SME app from the App Store or Google Play, or sign up on the Boost SME page, then complete e-KYC or e-KYB depending on your business type.
All rates and rebates are subject to terms and conditions, so check the details on each product before you move your savings across or apply for financing.
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As a creative content writer, Eloise has covered finance, business, lifestyle topics, and even moonlights as a singer-songwriter outside of RinggitPlus. Her current interests are learning the best ways to optimise spending and credit card hacks to gain more airline miles.
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