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Key Takeaways:
- Boost Capital is a fintech startup enabling micro-loans through smartphones in Southeast Asia.
- With over 450m underbanked people in Southeast Asia, Boost Capital provides a faster, more accessible, and cost-effective solution to traditional banking methods.
- Boost Capital’s digital loan application and management system reduces turnaround times and costs.
- In the pilot market, Boost Capital facilitated chats with over 200k customers and facilitated over $2.5 million in loans.
Startups are increasingly leveraging fintech to offer innovative financial services to populations often overlooked by traditional banking. One such startup is Boost Capital, located in Singapore, and operating in Southeast Asia. This region is home to over 450 million underbanked people, a situation that Boost has identified as a key opportunity for their business.
Boost Capital has radically changed the financial services landscape in this region. Instead of requiring borrowers to visit physical bank branches, Boost Capital is pioneering the use of technology for efficient microlending processes, providing a considerably more accessible and inexpensive service for the underbanked population.
What sets Boost Capital apart is their digital-first approach. Their platform enables loan applications to be made digitally making the process faster and cheaper than traditional methods. This approach to loan applications has been well received by clients as it removes the need for time-consuming and costly visits to traditional brick-and-mortar banks. Clients pay 25% less for loans compared to other lenders, marking a significant saving.
Furthermore, Boost Capital has had an auspicious start. In their pilot market of Cambodia, they successfully initiated chats with over 200,000 customers and facilitated over $2.5 million in loans. This performance speaks to the high demand for their service, considering the same repayment rates as traditional in-person micro-lending.
Looking ahead, the future looks promising for Boost Capital and the industry they’re helping to shape. The high demand for their services in their pilot market alone underscores the significant positive impact the company could have as it expands across Southeast Asia. The success of fintech startups like Boost Capital could herald a new era for how financial services are delivered in this region.
Discover more about Boost Capital’s business and future initiatives by visiting their website at http://boostkh.com. You can also find them on LinkedIn at https://www.linkedin.com/company/boostcapital/.
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