KUALA LUMPUR: Boost, the fintech arm of Axiata Group Bhd became the first digital financier in Malaysia to be upgraded to the highest investment-grade issue rating of AAA by RAM Ratings.
In a statement, Boost said the upgrade is based on its senior notes’ fully cash-backed position.
From Boost’s perspective, receiving this upgrade within little over a year after the initial A1 rating in 2022, reflects the increase in confidence by the leading credit rating agency in Malaysia, and Boost’s strong performance and robust business model, specifically for its AI-based micro-financing business.
“We are thrilled to once again raise the bar for the fintech industry, and it’s an honour to receive further market validation for the quality of our financing portfolio. This upgraded rating serves as a strong endorsement to our digital financial services, which has been positively operating at scale. We remain committed to continue our strong performance on our road towards the upcoming digital bank,” Boost group chief executive officer Sheyantha Abeykoon said.
Over the years, Boost has built an impressive track record of serving the underserved at scale in its efforts to drive greater financial inclusion.
Since inception, its AI-based micro-financing business has been steadily growing, with over RM3bil worth of financing disbursed across Malaysia and Indonesia.
“As Boost gears up to launch its digital bank, the upgraded rating plays a pivotal role in cementing its already established market confidence in Malaysia and South-East Asia,” Boost said.
– The Star