back Back

Boost gets investment-grade rating upgrade to AAA by RAM

By Leandra Monteiro

July 14, 2023

  • AAA
  • Axiata
  • Boost
Share

Boost, Boost, the FinTech arm of Axiata, has become the first digital financier in Malaysia to be upgraded to the highest investment-grade issue rating of AAA by RAM Ratings. The upgrade is based on its Senior Notes’ fully cash-backed position.

From Boost’s perspective, receiving this upgrade within a little over a year after the initial A1 rating in 2022 reflects the increase in confidence by the credit rating agency in Malaysia, and Boost’s strong performance and robust business model, specifically for its AI-based micro-financing business.

“We are thrilled to once again raise the bar for the fintech industry, and it’s an honour to receive further market validation for the quality of our financing portfolio. This upgraded rating serves as a strong endorsement to our digital financial services, which has been positively operating at scale. We remain committed to continue our strong performance on our road towards the upcoming digital bank,” said Sheyantha Abeykoon, Group Chief Executive Officer of Boost.

Over the years, Boost has built a track record of serving the underserved at scale in its efforts to drive greater financial inclusion. Since its inception, its AI-based micro-financing business has been steadily growing, with over RM3 billion worth of financing disbursed across Malaysia and Indonesia.

Through Boost, mom-and-pop shops, roadside stalls, as well as other micro, small, and medium-sized enterprises (MSMEs), can now gain access to the financing that they need through a simple and seamless 5-minute digital application journey, with fund disbursement within 48 hours upon approval.

As Boost gears up to launch its digital bank, the upgraded rating plays a pivotal role in cementing its already-established market confidence in Malaysia and Southeast Asia.

Previous Article

July 14, 2023

Engage teams up with 10 UK credit unions for faster payments to clients

Read More
Next Article

July 14, 2023

Swift and Iberpay pilot instant payments across currency zones

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

AAA

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Wealth managers grapple with long client onboarding times, study shows

Read More

Today

Paycorp expands embedded business funding service to the UK

Read More

Today

Mexican FinTech OCN raises $86m in Series A

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024