Malaysia-based budget carrier AirAsia Group Bhd announced the transfer its digital businesses to Redbeat Ventures, its wholly-owned subsidiary and digital venture arm, it said in a filing with Bursa Malaysia.
AirAsia Group has entered into a share sale agreement with AirAsia Bhd and AirAsia Investment Ltd respectively on June 25, 2018, to acquire nine non-airline digital businesses as well as their subsidiaries.
These entities principally involved in the provision of digital-related services including AirAsia BIG Loyalty, BigPay, travel360, ROKKI, Ourshop, RedCargo Logistics, RedBox Logistics, Vidi and RedTix.
“By placing our digital assets under Redbeat Ventures, we hope to more effectively expand and monetise our digital businesses and broaden AirAsia’s digital footprint. As the corporate venture arm of AirAsia Group, Redbeat Ventures looks at working with technology startups and looks out for investment opportunities in the high-tech and digital space to remain competitive and relevant in these rapidly changing commercial and technological environments,” said Aireen Omar, deputy group CEO for digital, transformation and corporate services at AirAsia.
She added: “The vision for RBV is to connect with the start-up community globally through collaboration to foster entrepreneurship and stimulate market-driven innovation that would benefit not just AirAsia’s ecosystem but help lead the digital economy and lifestyle in ASEAN.”