"Unlocking Financial Access: Boost's Transformation From E-Wallet Into Digital Bank" - Powered by Boost

The presentation focuses on Boost's evolution, the strategic decisions made, and the lessons learned.

Key highlights

Boost's Origins and Growth:

• Primarily based in Malaysia with expansion to Indonesia and Cambodia.
• Started as a payment platform and shifted focus to digital banking.
• Recently obtained a digital banking license in Malaysia.

Initial Challenges and Strategies:

• Originally part of Axiata, with a large customer base in South and Southeast Asia.
• Faced challenges in converting telco customers to fintech services.
• Successful pivot involved creating a separate brand identity and hiring talent from non-telco backgrounds.

Shift to Lending:

• Payments were commoditised; focused on merchant side for better monetisation.
• Built a lending business, targeting small merchants with thin credit profiles.
• Achieved significant success in micro SME lending.

Obtaining a Digital Banking License:

• Realised need for a deposit license to scale the loan book.
• Successfully launched digital banking services with significant deposits and loans.

Embedding Financial Services:

• Simplified customer journeys by embedding financial services into existing platforms.
• Emphasised seamless customer experiences to drive adoption.

Conclusion

Boost stressed the effectiveness of embedded finance for enhanced customer experience.

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