Mastercard and Boost Capital Partner to Support 10,000 Small Businesses in Philippines

On May 3, 2024, Mastercard and Boost Capital announced a partnership to support over 10,000 small businesses in the Philippines through Boost Capital's award-winning white-label technology platform. The platform allows financial service providers to onboard small businesses via popular chat applications including Facebook Messenger, Telegram, and WhatsApp, eliminating the need for dedicated app downloads. Boost Capital contributes its automated embedded finance platform with AI-powered identity verification and digital onboarding, while Mastercard brings its global payments network and financial inclusion expertise.

The initiative places special emphasis on women-led enterprises, incorporating financial literacy programs alongside digital financial services. Small businesses gain access to loans, credit, savings, and merchant services through their smartphones around the clock. The partnership exemplifies the growing trend of embedding financial services into everyday communication channels to reach underserved SME segments in emerging markets.