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Axiata says its digital businesses to be profitable by 2022

KUALA LUMPUR: Axiata Group’s digital businesses is on track to be profitable by 2022, the Malaysian mobile phone network operator said in a statement on Tuesday.

This is strengthened through strategic partnerships with long-term view to establish two unicorns in its digital financial services unit Boost Holdings and digital analytics and AI businesses, it says.

SoftBank Corp had recently invested RM250mil into Axiata Digital’s digital analytics and AI businesses.

Boost recently formed a strategic partnership with RHB Bank to jointly pursue a digital bank license in Malaysia.

Axiata’s infrastructure business is also geared toward expansion, both in-market and into new territories, it says.

Its unit edotco will accelerate toward becoming a much larger and efficient tower company.

Axiata is constantly evaluating options to raise fresh capital to enable the realisation of these goals. – Bloomberg

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