Axiata Digital Acquires Majority Stake in Indonesian P2P Lending Operatorby Fintech News Malaysia May 24, 2021 0 comments
Boost Holdings Sdn Bhd, Axiata Digital’s fintech holding arm announced today a 68.75% equity acquisition into Indonesia’s, PT Creative Mobile Adventure which operates a telco supply chain model financing business under the brand KIMO and is a licensed P2P lending entity under OJK (Otoritas Jasa Keuangan)
The company said that the acquisition of the peer-to-peer licensee that operates a lending platform in Indonesia is a key growth engine for Boost Holdings to widen its reach to the underserved micro and small enterprises regionally.
Sheyantha Abeykoon, Chief Executive Officer of Boost Holdings said, “
The acquisition is part of our 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. Indonesia is an important market for us as we already have 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. This is done through more than 60 Partner ecosystems.
CEO of Axiata Digital and Chairman of Boost Holdings, Mohd Khairil Abdullah said,
“Countries all over have seen accelerated digital transformation over the last year, such that 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.”
Boost Holdings disbursed over RM207 million via its micro financing and micro-insurance service provider Aspirasi to benefit 9,176 unique micro-enterprises in the last year alone.
They said that in-house data and machine learning capabilities were leveraged to provide a 3-minute application journey with fast approval process. This enables quick disbursement of funds within 48 hours after approval to extend financing to micro-SMEs who require it.