BigPay, an AirAsia Digital portfolio company announced that it has finalised up to RM400 miilion (US$100 million) in financing from South Korean conglomerate, SK Group.
Founded in 2017, BigPay operates in Malaysia and Singapore offering prepaid debit card, local and international money transfers, micro-insurance, bill payments and a budgeting tool.
According to CEO and CO Founder Salim Dhanani, the ambition is now to expand to other parts of ASEAN with focus on Thailand with the launch of key products like fully digital personal loans, transactional lending and offerings for mSMEs.
This is the first time any portfolio company within airasia Digital has secured financing of this size. The funding from one of South Korea’s largest conglomerates and tech innovator further strengthens AirAsia’s digital endeavour as it accelerates the scope of growth for its digital businesses, including logistics and financial services.
The announcement comes a few weeks after BigPay announced its application for a digital banking license where it reiterated the commitment to build a connected financial future for Malaysian consumers and entrepreneurs.
“Our ethos has always been clear. We want to launch financial products that are not only simple and convenient but transparent and accessible to everyone. We are ready to embark on the next stage of our journey with SK Group and we will continue to provide fair financial services to communities across Southeast Asia,” says Salim.
