Great Eastern Singapore injects $70m into Axiata's digital finance service business

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

Great Eastern has invested US$70m in Axiata Digital’s financial services business through a newly created holding company wholly owned by Axiata, according to a news release.

With the investment, Great Eastern takes a 22% stake in Boost Holdings Sdn Bhd with Axiata Digital Services holding the balance. Axiata Digital’s DFS business will comprise of Malaysian e-wallet and lifestyle app Boost, Boost Indonesia, micro-financing provider Aspirasi, Trust Axiata Digital Limited, and a launchpad to bring digital financial services to other Axiata markets.

The transaction is expected to be completed in the next few months, subject to relevant regulatory approvals.

Proceeds will fund expansion plans for Axiata Digital’s DFS business over the next year in Malaysia and the region, which includes securing Boost’s ecosystem of merchants and customers and enhancing Aspirasi’s credit scoring technology.