KWM assists Axiata Digital Services Sdn Bhd with innovative restructuring and US$70m investment by Great Eastern, the largest ever fintech investment deal in Malaysia

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King & Wood Mallesons (KWM) has advised Axiata Digital Services Sdn Bhd (ADS) on the successful restructuring of its financial services business to facilitate the continued growth of its digital financial services across the region.

Key to the restructuring was the creation of a holding company for ADS's digital business called Boost Holdings Sdn Bhd (Boost Holdings), which will incorporate ADS's e-wallet business and other financial platforms, into which large regional insurer, Great Eastern will invest US$70 million in return for a 21.875 per cent stake.  

The innovative structing method has seen ADS divide its operations into separate vertical structures with the goal of continuing its digital growth.

The KWM team advising on the deal was led by Singapore based partner Jake Robson with support from senior associate Caitlin Sharp.

Commenting on the restructuring, Jake said: "We are delighted to have advised ADS on this innovative restructuring and investment and to assist them in reaching this significant milestone which represents the largest investment in a Malaysian fintech to date and will allow ADS to fund their exciting expansion plans in the region."