In today’s fast-paced digital world, technology has revolutionized the way businesses operate, driving more digitization as they seek to expand and reach new heights. Yet, despite the excitement around going digital, many Malaysian businesses are still lagging behind in implementing advanced digital technologies¹.
To combat the slow uptake of digitization, the Malaysian government recently announced a series of initiatives such as the Digitization Grant Scheme, the strengthening of the Digital Economic Center (PEDi) and RM1 billion in funding from Bank Negara Malaysia to help businesses² in becoming digital. Alongside government initiatives, companies can also get the support they need from fintech companies, whose innovative solutions are instrumental in driving digital adoption.
By partnering with fintech companies, businesses will be able to face digitization challenges through an enhanced digital journey that enables them to embrace and access the solutions they need to remain competitive and reach new customer segments. In addition, as the International Monetary Fund (IMF) estimates that global growth will slow to 2.7% in 2023³and with inflationary and cost-of-living pressures weighing on the region, businesses that partner with fintechs to go digital will be in a more advantageous position as they can future-proof their businesses and persevere through current economic headwinds.
Fintech solutions also unlock options for merchants and empower them by simplifying financing, offering greater efficiency, providing deeper insight into their business along with a higher degree of personalization. In fact, according to an EY Business Pulse Survey, 77% of Malaysian businesses prioritize technology in the immediate term⁴ as they track their adaptation to remain relevant in an age of technology and digital transformation. Investing in digital solutions allows businesses to reduce costs as previously manual processes are automated, which in turn makes overall operations more cost-effective, allowing businesses to focus their efforts on growth.
As a regional fintech player across the spectrum, Boost has always been at the forefront of providing cutting-edge technology and practical fintech solutions that pave the way for merchants to enjoy unstoppable growth in their business ventures.
But how is this possible?
Fintech offerings prioritize two essential elements: accessibility and speed. While the benefits of fintech cannot be understated for merchants, it has also revolutionized the way businesses operate. Merchant wallets encapsulate this as they not only encourage cashless transactions, but also make business-related payments frictionless, providing easy access to funds for merchants. In the past, accessing financial tools would have cost millions of dollars to set up, considering the fees, equipment, licenses and labor required. Fintech has simplified this process through the use of big data and mobile connectivity, allowing businesses to easily access complex, feature-rich financial software platforms and managed services.
In line with the same thinking, cost reduction is the most popular starting point for digital transformation. Something as simple as paperless transactions can cut costs for businesses, as costs associated with purchasing paper and printing are eliminated. Also, by recording transactions digitally, all data is stored in one place so sellers can quickly access it and use it to build their files to apply for increased funding. Additionally, with cost in mind, companies can leverage the benefits of going digital to improve resource efficiency, support worker productivity, reduce overhead and production costs, and streamline aftermarket service.
Digitizing your business also provides access to unprecedented business insights. Fintech innovation has enabled smart information screens with real-time updates and data analytics, giving companies direct access to this information. For example, sellers can stay informed about their daily sales, customer insights and business performance analysis through the Boost Biz app to improve overall management processes and business operations. An additional benefit for salespeople using customer data insights is that they can identify customer trends and behaviors, so they can better target customers. This leads to stronger sales and general business growth, and shows how investing in digital solutions is beneficial for both the business and the customer experience.
In addition, by using innovative fintech solutions, businesses can also enhance a customer’s journey by offering accessibility and convenience. Customers can access financial information and transactions in real time via seamless payment processing and mobile banking. Such is the case with Boost, which gives its merchants easy access to accept cashless payments via the Boost DuitNow QR code, Boost Business Payment Link and International Cross-Border QR payments. Through this, merchants are not limited to serving local customers in store, they can also extend their reach to customers across the region.
Overall, fintech solutions have certainly unlocked opportunities for merchants to easily embrace digitization for business growth. In fact, according to an EY Business Pulse Survey, 77% of Malaysian businesses prioritize technology in the immediate term⁵ as they track their adaptation to remain relevant in an age of technology and digital transformation. Investing in digital solutions allows businesses to reduce costs as previously manual processes are automated, which in turn makes overall operations more cost-effective, allowing businesses to focus their efforts on growth.
Fintech’s role in stimulating the digitization of businesses has been crucial in enabling businesses of all shapes and sizes to participate actively in the digital economy. With the help of fintech players like Boost, businesses are prepared for endless growth and opportunities, which will further develop with the rapid advances in the fintech landscape. Furthermore, as businesses grow and increase profitability, they will have better access to capital and funding, helping them to invest further in other areas and become unstoppable.
References:
¹ Malaysia’s digital challenges
² Budget 2023 highlights
³ Global recession economic outlook
⁴ The majority of Malaysian businesses are prepared to live with Covid-19
⁵ The majority of Malaysian businesses are prepared to live with Covid-19
This content is provided by BOOST Malaysia
