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KUALA LUMPUR, Malaysia, Aug. 8, 2023 /PRNewswire/ -- Access to financial services is a fundamental component of economic growth and social development. Unfortunately, a significant portion of the global population, particularly in emerging markets, remain underserved or excluded from formal financial services. Such as being disqualified due to low-income levels, lack of physical access to banking infrastructure, and inadequate financial literacy.
Lack of financial inclusion also affects quality of life for the population in SEA. Many do not hold bank accounts and transact predominantly in cash, making it difficult to build a credit history that would enable them to access formal financial tools to make substantial purchases.
The rise of fintech is providing innovative solutions to these longstanding problems. Besides making it more efficient for companies to provide financial services, it is also leading to a more accessible and transparent financial system, particularly for the underserved segment of society in Asia.
Fintech solutions such as mobile banking and microcredit facilities, create new opportunities for MSMEs. These solutions are ideal for the needs of the underserved population as they are more accessible, affordable, and convenient than traditional banking services, enabling millions of people to access financial services for the first time.
To this end, Boost's cross-border payment ecosystem powered by Boost Connect is bringing together underserved consumers and business in the Asian region with our solutions. Boost has rolled out Direct Carrier Billing (DCB) across multiple mobile carriers across Asia. DCB provides a convenient, secure, and accessible payment option that enables over billion users to make purchases simply by charging the cost to their mobile phone bill.
Another solution called Stretch was developed to address issues of insufficient prepaid balance by providing credit loan facility for customers to complete their digital content purchases and pay back the loan in their next prepaid top-up cycle. Stretch is also able to facilitate Credit Advance through DCB, giving customers a seamless experience in their digital transactions.
Boost's AI-powered micro-financing business, provides tailored financial solutions to underserved communities in the region. Such as Invoice Financing for Distributors, allows distributors to finance their collective invoices by paying vendors upfront; Supply Chain Financing for Merchant Network, provides upfront financing to distributors to finance their merchant inventory orders; Capital X for Merchants, offers working capital loan to small businesses to help them manage their short-term cash flow needs; and Capital for Merchants, provides a 12-month working capital loan to MSMEs repaid through monthly installments.
Overall, these micro-financing products help to bridge the gap in access to credit and financing for the underserved populations in the region, from consumers to MSMEs. By empowering these groups to grow their businesses, create jobs, and enjoy a better quality of life, Boost the regional full spectrum fintech player is inspiring them to be unstoppable.
