BigPay is titled the most-searched for digital bank in Malaysia, according to a research by the UK finance publication Business Financing.
From a comprehensive list of digital banks, BigPay ranked number one based on keywords and Google search data.
A study by Bain & Company indicates an estimate of 55% of Malaysia’s population still remain unbanked or underbanked. With COVID-19 as a catalyst for the digital transformation of banking and financial services, over 74% of Malaysians are now aware of digital banking and 66% are keen on adopting such services into their daily lives.
Founded in 2017, BigPay is live in Malaysia and Singapore. Its current offering includes a prepaid debit card, which can be used to spend anywhere Visa or Mastercard is accepted, local and international money transfers, micro-insurance, bill payments, and a budgeting tool. In the coming months, BigPay will launch a number of new services – including responsible credit, micro-savings and an offering for mSMEs and freelancers.
Back in July, BigPay with a consortium of strategic partners had submitted its application for one of the five digital banking licenses that Bank Negara Malaysia (BNM) will issue in 2022. In August, BigPay raised US$100m in funding from South Korean conglomerate SK Group to accelerate its growth and mission of becoming the leading challenger bank in Southeast Asia.
