KUALA LUMPUR (Dec 22): The CEO of Axiata Digital Services — the digital services arm of Axiata Group Bhd — Mohd Khairil Abdullah has resigned from the top position. 

An Axiata Group spokesperson confirmed this latest development on Wednesday (Dec 22) when contacted by The Edge on it.

“We wish to confirm that Mohd Khairil Abdullah will leave Axiata Digital on Feb 14, 2022, after a nine-year stint at Axiata Group Bhd. 

“He served as CEO of Axiata Digital for seven years, driving the growth of the group’s digital businesses as he led investments and operations overseeing multiple portfolios within the company. 

“We wish Khairil well in his next endeavours and will certainly hold him close to the Axiata ecosystem in the future,” the spokesperson said in an email reply. 

Khairil was appointed as the Axiata Digital CEO in 2014 and he joined the group as group chief marketing and operations officer in 2012. 

Axiata Digital houses the group’s digital assets, namely its fintech arm Boost Holdings Sdn Bhd and data analytical subsidiary ADA. 

Axiata Digital's website noted: "Previously, Khairil was a partner at Bain & Co Inc — one of the world’s leading management consulting firms, where he remained for more than 15 years of his professional career. He has built a strong track record in advising global leaders in various industries on their most critical issues and opportunities."

In terms of earnings, Axiata Digital remains loss-making today but its losses are narrowing. 

For the nine months ended Sept 30, 2021, Axiata Digital’s net losses narrowed 60% to RM97 million on the back of lower marketing expense at Boost and higher profit contribution from ADA.

Meanwhile, its year-to-date (YTD) revenue more than doubled to RM643 million, underpinned by higher revenue at ADA from improvement in its customer engagement business. 

In June, Boost inked a partnership with RHB Banking Group to form a consortium to apply for a digital banking licence from Bank Negara Malaysia. 

Axiata said in a filing to Bursa Malaysia that Boost would own a majority stake of 60% in the digital bank joint venture, while RHB would hold the remaining 40%, with a minimum issued share capital of RM100 million. 

It added that both parties will seek to expand on Boost’s extensive fintech experience developed through Aspirasi, its digital micro-financing and micro-insurance provider, and the Boost e-wallet, aiming to increase financial inclusion and expedite the development of digital products and services to the underserved and unserved segment including micro entrepreneurs, small and medium enterprises (SMEs) and those in the gig economy.

YTD, Boost witnessed a 9% increase in gross transaction value (GTV) to RM3.02 billion from RM2.77 billion reported last year.