Axiata

Axiata reduced its net debt/EBITDA ratio to 2.8x after lowering debt by US$1.12 billion.

The fintech business of a Malaysian telco major reported US$5.9 million in bad loans and is suing to recover about US$2.3 million.

The deal, which values ADA at US$550 million, comes after Axiata reported a surge in debt following overseas expansion efforts.

The Malaysian leading wireless carrier has 150 million subscribers across Southeast Asia and Pakistan.

The acquisition, which includes the unit’s assets and staff, will allow Ada to strengthen its presence in the region.

We look at the captains steering Boost as it transforms itself from an e-wallet provider to a fintech group.

The five chosen consortia will be expected to meet the central bank’s stringent guidelines within the next two years.

The Top Up is Tech in Asia’s free newsletter that breaks down the biggest stories and trends in fintech.

Known for its lifestyle e-wallet, telco-linked fintech player Boost is already a household name in Malaysia, but it has bigger goals.

The merged entity, which will be known as Celcom Digi, will be valued at nearly US$12.1 billion.