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Hello there,
It’s hard to change when you’re a large organization.
Even when the need for change is clear, new ideas often face resistance for fear that they might disrupt one’s core business. Time and again, bureaucracy and a lack of agility can also slow down progress and be frustrating.
But what if companies could find some sort of middle ground? Perhaps set up an innovative digital arm that’s led by new blood – one that operates at arm’s length from the main business?
One such company comes to mind: True Digital Group, the innovation arm of Thailand telecommunications conglomerate True Corporation. It built a “content super app” called TrueID that rivals Netflix and Spotify in the country by focusing on local content. Spanning entertainment to merchant services and a full digital academy, its tech journey is not what you’d expect from a century-old company.
Other telcos are now following a similar playbook. Boost Holdings, the fintech arm of Malaysia’s Axiata Digital, runs one of the largest and most actively used e-wallets in the country. It’s also rapidly expanded into lending, cross-border transactions, and merchant services.
Oh, and of course it identifies as an autonomous company. That’s often more easily said than done – after all, being affiliated to a large and well-known parent firm undoubtedly has its perks.
As it has grown, Boost has certainly tapped into Axiata’s user base. Its telco parent’s understanding of and ties to micro-businesses in the region have also served as a stepping stone for Boost, which focuses on serving that segment.
As Boost expands its other fast-growing businesses in Malaysia, Indonesia, and beyond, CEO Sheyantha Abeykoon hints that the firm will continue to make use of its telco roots, as I detail in this week’s big story.
— Melissa
THE BIG STORY
How Axiata’s Boost stands out amid SEA’s heated fintech race
Image credit: Timmy Loen
Known for its lifestyle e-wallet, telco-linked fintech player Boost is already a household name in Malaysia, but it has bigger goals.
TRENDING NEWS
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