KUALA LUMPUR: Boost, a regional fintech leader, launched the Beyond Card last month together with CelcomDigi on the Mastercard network, which spans more than 100 million merchants globally.
The card is the first two-in-one international prepaid card in Malaysia. It enables customers to directly access funds from the Boost app’s wallet balance and stretches payments into three-month instalments through a built-in syariah-compliant, pay-later option called Boost PayFlexTM.
This innovation is said to be able to address financial inclusion gaps for the underserved market segment, especially those without cards or with basic ones, by offering them a premium experience.
Boost Group CEO Sheyantha Abeykoon said the Beyond Card holder does not have to apply for a credit limit, unlike a credit card.
“You are already given the limit by virtue of being on the partner’s network.
“Select customers will be invited to apply for the card with Celcom users getting exclusive access to apply via the Boost app, followed by Digi users.
“It is on an invite basis. Initially, we opened it to Celcom users, but in a couple of months, we are expanding to Digi customers as well,” he said.
The company’s approach is aimed at providing responsible financing for the underserved communities sustainably, especially to those who find it difficult to get financial aid.
Through the power of data across Boost’s holistic fintech ecosystem, as well as its partners’ wider network, the Beyond Card offers a controlled and personalised credit line based on individual affordability assessments, spending trends, electronic know your customer (eKYC), and more.
“The way we have implemented credit profiling for this card is to ensure it is done in a responsible manner, taking into account customers’ ability to repay, which is important for us as a fintech player,'' he added.
In addition to providing access to responsible financing, the Beyond Card also provides a uniquely rewarding experience as it is the first in Malaysia and Southeast Asia to offer Mastercard Travel Rewards.
Shedding light on the offerings of the Beyond Card, Sheyantha elaborated: “After conducting a comprehensive analysis of the card market, we observed that out of the nine million issued to date, only a minority offer premium experiences. Our aim is to extend these premium offerings to a broader segment of our cardholders.
“Mastercard Travel Rewards presents a suite of offers typically inaccessible to customers in Malaysia. I urge our Beyond Card users to explore these exceptional benefits that are usually reserved for premium cardholders,” he noted.
Among the exclusive offers available on the Beyond Card are 12% cashback from Lazada, 15% off Malaysia Airlines flight bookings, up to 10% savings, complimentary gifts and 10% tax-free offer at Mitsui Outlet Park. – Bernama
