SFF 2024 Session Recordings-Payments

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

Written by Singapore FinTech Festival | Nov 15, 2024 11:30:00 AM

 

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.

 

Watch Full Session

 

Speaker:

  • Sheyantha Abeykoon, Group Chief Executive Officer, Boost