KUALA LUMPUR: Axiata Digital Bhd’s fintech holding arm Boost Holdings Sdn Bhd is expanding its operations into Indonesia with the purchase of a 68% stake of the country’s PT Creative Mobile Adventure.
It said on Monday PT Creative Mobile Adventure operates a telco supply chain model financing business under the brand KIMO with the limited number of peer-to-peer full digital financing licenses issued by OJK (Otoritas Jasa Keuangan, Indonesia)
Boost Holding hopes the acquisition of the peer-to-peer licensee that operates a lending platform in Indonesia will be a key growth engine for Boost Holdings to widen its reach to the underserved micro and small enterprises regionally.
Boost Holdings CEO Sheyantha Abeykoon said: “The acquisition is part of its regional digital financial service rollout plans.
“KIMO shares our aspiration to support the growth of micro enterprises through simple and convenient solutions powered by technology.
“This significant milestone allows us to scale our operations regionally and rapidly through an established entity and access a larger ecosystem of merchants and retailers who are already familiar with micro-financing.”
Sheyantha described Indonesia as an important market for Boost as it already has 550,000 merchants on the ground and disbursed more than 26,000 loans since 2019 via partner platforms.”
Boost Holdings provides regional inclusive financial solutions for the unserved and underserved segments, underpinned by robust risk frameworks and financial strength.
CEO of Axiata Digital and chairman of Boost Holdings, Mohd Khairil Abdullah said digital financial services are a necessity rather than an option.
“Having built, and scaled several digital financial services businesses since 2014, Axiata Digital is in the position to deliver real value by bringing innovative financial products to our customers and this acquisition further strengthens our ambitions towards providing regional digital financial services, ” he said.
Boost Holdings disbursed over RM207mil via its micro-financing and micro-insurance service provider Aspirasi to benefit 9,176 unique micro enterprises last year.