Homegrown lifestyle e-wallet Boost has been named as part of International Data Corporation (IDC) Financial Insights’ 2020 FinTech Fast 101 list of fast-growing fintech companies in the Asia/Pacific region. Established in January 2017, Boost, an e-wallet by Malaysians, for Malaysians has been leading the charge for a cashless society in the country. In just three short years, acquired over 7.3 million users and over 152,000 merchants nationwide, online and offline.
“We are proud and honoured to be recognised as one of the fastest growing fintech players by IDC. This is a testament to our commitment and tenacity in revolutionising the way consumers transact on a daily basis, solving every day cash-related pain points. With the recent e-Tunai Rakyat initiative and following the movement control order (MCO) to contain the COVID-19 outbreak, we expect to continue growing rapidly to cater to the evolving needs of Malaysians,” said Mohd Khairil Abdullah, CEO of Boost.
“Boost has been at the forefront of digitizing and building a robust cashless payment landscape in Malaysia. Some of the industry firsts developed by Boost include providing convenient payments solutions for public health services, insurance payments, street parking, and e-donation, which the recent ‘Tabung COVID-19 by Boost’ to aid frontliners and families affected by the outbreak in the fight against the pandemic. We are gearing up to continue on this growth trajectory as we see more Malaysians transition to going cashless following recommendations by the World Health Organisation to switch to contactless payment methods such as e-wallets to curb the spread of coronavirus,” added Khairil.
IDC Financial insights Asia/Pacific FinTech Fast 101 is a list that highlights fast-growing fintechs in Asia/Pacific in terms of their ubiquity, utility, and usability. The framework evaluates fintech data across the following key metrics: addressable market, customer adoption, investments, alliances and partnerships, innovation, chance of survival, and marketing.
Boost was included in the IDC Financial Insights Asia/Pacific FinTech Fast 101 list based on extensive on-ground analysis of fintech players across 11 key markets in the Asia/Pacific region. The evaluation noted that Boost has been one of the first movers in Malaysia’s cashless agenda, recording commendable growth since launching in 2017. Boost’s all-encompassing ecosystem features an open platform that allows third-party features to be made available from within the app.
The analysis done by IDC Financial Insights Asia/Pacific added that this has been integral in solving customers’ pain points in typical cash-based transactions through features, such as bill payments, street parking, and purchase of bus tickets. The app also offers gamification and loyalty features, such as mission challenges and Boost coins to engage users. Additionally, Boost has diversified in its approach by focusing on helping small and micro-enterprises who run predominantly cash-based businesses such as hawker stall owners, pasar malam traders, as well as those located in rural areas as a way to promote digital and financial inclusivity in the country.
