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Telecommunication

Great Eastern acquires stake in Axiata's digital arm Boost

OCBC Bank subsidiary paid $70 million for 22% share

Axiata Group President & Group CEO Jamaludin Ibrahim said the proceeds from the investment will fund the company's digital financial services over the next year in Malaysia, Indonesia and Bangladesh.   © Reuters

KUALA LUMPUR -- Singapore-based insurer Great Eastern will pay $70 million for a 22% stake in Boost, the Malaysian fintech owned by the Axiata Group.

The deal, announced on Thursday and subject to regulatory approval, comes as the Malaysian telecommunications giant seeks to monetize its e-wallet payment gateway.

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