Boost, the fintech arm of Axiata, is making available financing that offers MSMEs up to RM100,000 through ‘Capital Plus’, financed through its market leading digital lending subsidiary Boost Credit (formerly Aspirasi).
According to the SME Association of Malaysia, as the country progresses into the endemic phase, cash flow remains a pressing concern for MSMEs as businesses recover and resume operations.
“For most MSMEs, the challenge of maintaining steady cashflow weighs heavily on their minds. In this recovery process, we believe that it takes a collective effort. We are committed to being a reliable partner for our merchants and underserved MSMEs in the country in easing their financial burdens by increasing access to affordable financing,” said Sheyantha Abeykoon, CEO of Boost.
‘Capital Plus’ is a Shariah-compliant micro-financing facility based on Commodity Murabahah, ideal for MSMEs. It offers financing from as low as RM1,000 up to RM100,000 over a 15-month tenure at a low profit rate of 1.2% per month, with no repayment of principal for the first three (3) months. MSMEs do not need any guarantor or collaterals to apply for this financing.
“One of the key aspects we have incorporated into ‘Capital Plus’ is a three-month moratorium for MSMEs. We hope that MSMEs will find this micro-financing facility helpful in giving a boost to their recovery journey and provide them the much-needed capital to re-start their businesses,” added Sheyantha.