Insurer Great Eastern invested in Axiata Digital’s e-wallet platform at a $320m valuation, with the proceeds to go to expanding the latter's presence in Asia.

Great Eastern, the insurance arm of Singapore-headquartered banking firm OCBC, agreed to pay $70m for a 21.9% stake in Malaysia-based telecommunications firm Axiata’s newly formed financial technology subsidiary, Boost, yesterday.

Axiata Digital, the digital services subsidiary of Axiata, retains a majority stake in Boost. The transaction is set to close in the coming months, pending regulatory approval.

Boost operates a digital wallet app with more than 7.5 million users and 170,000 merchant payment touchpoints in Malaysia, also catering to more…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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