---
title: "\"Unlocking Financial Access: Boost's Transformation From E-Wallet Into Digital Bank\" - Powered by Boost"
description: Join Sheyantha as he reveals Boost's journey from e-wallet to digital bank, focusing on innovation, compliance, and enhancing financial access for everyone.
---

[SFF 2024 Session Recordings-Payments ](https://39936595.hs-sites.com/sff-2024-session-recordings-payments)

# ["Unlocking Financial Access: Boost's Transformation From E-Wallet Into Digital Bank" - Powered by Boost](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/sff-2024-videos-payments/unlocking-financial-access-boosts-transformation-from-e-wallet-into-digital-bank-powered-by-boost)

 Written by [Singapore FinTech Festival](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/author/singapore-fintech-festival) | Nov 15, 2024 5:00:00 AM

 

The presentation focuses on Boost's evolution, the strategic decisions made, and the lessons learned.

 

Key highlights

 

**Boost's Origins and Growth:**

- Primarily based in Malaysia with expansion to Indonesia and Cambodia.
- Started as a payment platform and shifted focus to digital banking.
- Recently obtained a digital banking license in Malaysia.

**Initial Challenges and Strategies:**

- Originally part of Axiata, with a large customer base in South and Southeast Asia.
- Faced challenges in converting telco customers to fintech services.
- Successful pivot involved creating a separate brand identity and hiring talent from non-telco backgrounds.

**Shift to Lending:**

- Payments were commoditised; focused on merchant side for better monetisation.
- Built a lending business, targeting small merchants with thin credit profiles.
- Achieved significant success in micro SME lending.

**Obtaining a Digital Banking License:**

- Realised need for a deposit license to scale the loan book.
- Successfully launched digital banking services with significant deposits and loans.

**Embedding Financial Services:**

- Simplified customer journeys by embedding financial services into existing platforms.
- Emphasised seamless customer experiences to drive adoption.

 

Conclusion

Boost stressed the effectiveness of embedded finance for enhanced customer experience.

 

Watch Full Session

 

Speaker:

- Sheyantha Abeykoon, Group Chief Executive Officer, Boost

[View full post](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/sff-2024-videos-payments/unlocking-financial-access-boosts-transformation-from-e-wallet-into-digital-bank-powered-by-boost)

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