Axiata Digital has agreed to sell close to 22% stake in its digital financial services (DFS) business to OCBC Bank subsidiary Great Eastern Holdings for $70m.

Axiata Digital is the digital services arm of Malaysia-based Axiata Group. Boost Holdings is one of its DFS business arms, through which the stake sale will take place.

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Under the agreement terms, Great Eastern will acquire 21.875% stake in Boost Holdings.

Great Eastern group CEO Khor Seng said: “By leveraging on Axiata’s network and digital capabilities, and partnering with them, we want to grow our reach into new customer segments to provide for their financial needs and ultimately improve their lives.”

Axiata’s DFS businesses comprise of Boost e-wallet app with 7.5 million active users and 170,000 merchants in Malaysia.

Boost Indonesia, which has as many as 544,000 merchant touchpoints and Aspirasi, a micro-financing and micro-insurance provider with over $20m in loans, and more.

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The investment from Great Eastern will help Axiata Digital fund the expansion plans of its DFS business in 2021.

Axiata Digital CEO Mohd Abdullah said: “With the investment from an esteemed partner like Great Eastern, we hope to further leverage emerging technologies to develop distinct financial and insurance innovations for our consumers at the bottom of the pyramid, as we continue on our journey to narrow the financial inclusion and protection gap in the country.”

Subject to receipt of regulatory approvals, the transaction is expected to be completed in the next few months.