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Axiata Group Berhad, a Malaysian telecommunications giant, is reportedly considering a funding round for its fintech division as it seeks to expand its holdings in the Southeast Asian market. According to sources familiar with the matter, the potential capital raise is expected to be in the form of equity financing, although the details of the amount and timing have yet to be confirmed. Axiata's fintech arm, known as Axiata Digital Services (ADS), was established in 2013 and has since grown to become one of the leading players in the region's digital economy. Its portfolio includes various platforms and services, such as Boost, an e-wallet app, and Aspirasi, a micro-financing platform for small businesses and individuals. The potential funding round comes as ADS seeks to expand its offerings and capture a larger share of the fast-growing fintech market in Southeast Asia. The region's digital economy is projected to reach $300 billion by 2025, according to a report by Google, Temasek Holdings, and Bain & Company. Axiata has been actively pursuing strategic partnerships and investments to bolster its fintech holdings in recent years. In 2019, the company formed a joint venture with RHB Bank to launch a digital bank in Malaysia, and in 2020, it acquired a majority stake in Indonesian fintech startup PT Indoconnect Investama. The fintech industry has become increasingly attractive to investors and venture capitalists in Southeast Asia due to the region's large unbanked population and the growing popularity of digital payments and financial services. According to a report by CB Insights, Southeast Asian fintech startups raised a record $2.7 billion in funding in the first quarter of 2021, up from $1.1 billion in the same period last year. However, the sector is also becoming more competitive, with new players entering the market and established companies expanding their offerings. ADS will need to navigate this landscape carefully as it seeks to grow its portfolio and capture a larger share of the market. In a statement to the media, an Axiata spokesperson declined to comment on the potential funding round, saying only that the company "continues to explore opportunities to strengthen our digital services offerings and enhance value creation for our shareholders and customers." As Southeast Asia's digital economy continues to grow, it is likely that more companies will look to enter the fintech space or expand their existing holdings. The success of Axiata's potential funding round will depend on its ability to differentiate itself from competitors and offer innovative, user-friendly solutions to customers in the region.
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