Great Easter Life Assurance, the largest life insurance company in Singapore and Malaysia, will be investing $70 million into Axiata Digital's financial services business, in order to take part in the company’s Fintech-focused plans.
The investment will be made through a newly launched holding company, called Boost Holdings. Boost Holdings is a wholly-owned subsidiary of Axiata Digital, a digital services division of the Axiata Group. Great Eastern will have a 21.875% stake in Boost Holdings. Axiata Digital Services will be holding the remaining stake in the company.
Malaysia-based Boost has more than 7.5 million users and around 170,000 merchant touchpoints. Axiata Digital’s financial services business will include Boost Indonesia and Trust Axiata Digital , a joint project with a bank in Bangladesh. The company’s financial services will also be launched in other Asian markets.
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