Axiata’s Boost Holdings buys Indonesia’s PT Creative Mobile

KUALA LUMPUR: Axiata Digital’s fintech holding arm Boost Holdings Sdn Bhd has acquired a 68.75 per cent stake in Indonesia’s PT Creative Mobile Adventure.

PT Creative Mobile operates a telco supply chain model financing business under the brand KIMO with the limited number of peer-to-peer full digital financing licences issued by OJK (Otoritas Jasa Keuangan, Indonesia).

Boost Holdings chief executive officer Sheyantha Abeykoon said the acquisition of the peer-to-peer licencee that operates a lending platform in Indonesia was a key growth engine for Boost Holdings to widen its reach to the underserved micro and small enterprises regionally.

Abeykoon said the acquisition was part of the company’s regional digital financial service rollout plans.

“This 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,” he said.

Axia Digital chief executive officer and Boost Holdings chairman Mohd Khairil Abdullah said Axiata Digital was in the position to deliver real value by bringing innovative financial products to its customers.

The acquisition further strengthens its ambitions towards providing regional digital financial services.

Boost Holdings had disbursed over RM207 million via its micro-financing and micro-insurance service provider Aspirasi to benefit 9,176 unique micro enterprises last year, said Khairil.

“In-house data and machine learning capabilities were leveraged to provide a three minute application journey with a fast approval process.

“This enables quick disbursement of funds within 48 hours after approval to extend financing to micro-small and medium enterprise which require it,” he added.

Source: NST