Great Eastern injects $ 97 million into Axiata’s digital financial services business

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Journalist

,Singapore

Great Eastern will take a 22% stake in Boost Holdings, owned by Axiata.

Great Eastern has invested $ 97 million ($ 70 million) in Axiata Digital’s financial services business through a newly formed holding company 100% owned by Axiata, according to a press release.

With this investment, Great Eastern takes a 22% stake in Boost Holdings Sdn Bhd, with Axiata Digital Services holding the remainder. Axiata Digital’s DFS business will include Malaysian electronic wallet and lifestyle app Boost, Boost Indonesia, microfinance provider Aspirasi, Trust Axiata Digital Limited and a launch pad to bring digital financial services to other Axiata markets.

The transaction is expected to close in the coming months, subject to relevant regulatory approvals.

The proceeds will fund Axiata Digital’s DFS business expansion plans over the next year in Malaysia and the region, which includes securing Boost’s merchant and customer ecosystem and enhancing Boost’s merchant and customer ecosystem. Aspirasi’s credit scoring technology.

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