Mastercard and Boost Partner to Expand Digital Services and Advance Cashless Economies Across Southeast & South Asia

Mastercard and Boost, the fintech arm of Axiata Digital have embarked on a strategic partnership to provide a range of innovative payment solutions and offerings to deliver more choice, convenience, and security to Malaysian and Indonesian consumers.

One of the first products in the pipeline will be a Mastercard prepaid card that will complement the current offerings by Boost Life, Boost’s e-wallet business. One of the principle aims of the Boost Mastercard prepaid card will be to allow Boost consumers to make seamless, safe and convenient payments in Malaysia, Indonesia, and globally where Mastercard is accepted. The partnership also envisages the launch of SME financial products to expand the services currently offered to small micro merchants though the Boost Biz and Boost Credit platforms in Malaysia and Indonesia.

Boost will also tap onto Mastercard’s technology to expand and strengthen its fintech and payment offerings in the South Asian region, and will support its processing capabilities, payment gateways, and automation efforts.

“As a leading fintech player, we are pleased to enter into a multi-faceted partnership with Mastercard in the markets we operate in,” said Sheyantha Abeykoon, Chief Executive Officer, Boost. “Drawing on Mastercard’s global expertise and technology, and coupled with our wide spectrum of fintech solutions, we are excited to reimagine what’s possible for our local and regional customers and merchants as we navigate a rapidly changing digital landscape.”

“As we collectively work towards creating more cashless, and digitally inclusive economies, partnerships at all levels of the ecosystem will be necessary to ensure that we reach as many people as possible,” said Safdar Khan, Division President, Southeast Asia Emerging Markets, Mastercard. “Mastercard is delighted to partner Boost, a regional fintech company to help bolster their existing range of products and services that aims to help include more individuals to connect with the right digital tools, whilst also advancing both Malaysia’s and Indonesia’s growing digital economy.”

COVID-19 has heightened the demand for cashless payments all around the world. According to Mastercard New Payments Index, 94% of consumers in APAC are saying they will consider using at least one emerging payment method this year. This includes digital wallets or mobile wallets, contactless, QR codes, instalment plans, cryptocurrencies, biometrics, among others. The demand suggests that the pandemic has accelerated previously existing trends towards more digital shopping and payment methods.

Boost Holdings was rebranded to Boost in June this year, unifying all fintech services that span payment services, alternative lending, digital insurance, content services and merchant solutions under one roof. Through this partnership, Mastercard will support the growth and reach of Boost’s fintech services in Malaysia, Indonesia and across the region.

10 December 2021

Author: Terry KS

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