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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Speaker:
- Sheyantha Abeykoon, Group Chief Executive Officer, Boost