Great Eastern, the largest life insurance company in Singapore and Malaysia, agreed to acquire a 22% stake in Boost, a cashless e-wallet app in Malaysia, from Axiata, a Malaysian multinational telecommunications conglomerate, for $70m. "This strategic investment will enable Great Eastern to participate in Axiata’s growing fintech expansion plans in the region. Axiata’s focus on providing financial services for the underserved, unbanked and under insured customer segment also resonates well with our business strategy. 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. We are excited to have the opportunity to strengthen our collaboration to deliver more value to its growing customer base by providing our protection and insurance solutions for better financial security and peace of mind," Khor Hock Seng, Great Eastern CEO.