Home Banking AirAsia subsidiary BigPay bids for Malaysian banking licence

AirAsia subsidiary BigPay bids for Malaysian banking licence

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The e-wallet subsidiary of AirAsia, BigPay, has partnered with a handful of corporations in a bid to achieve a Malaysian digital banking licence.

Salim Dhanani, CEO and founding father of BigPay

BigPay is working with Ikhlas Capital Grasp Fund, Malaysian Industrial Growth Finance (MIDF), and an unnamed “overseas conglomerate”.

AirAsia has filed an utility with the Central Financial institution of Malaysia. By way of its new licence, BigPay goals to offer people and micro companies with “full-fledged” monetary companies.

The e-wallet says over time it has efficiently added “a quantity” of regulated monetary merchandise to its present choices.

These embody worldwide remittances, micro insurance coverage, and budgeting. It plans to launch credit score, financial savings, and freelancer-focused companies.

“Monetary inclusion has been a core imaginative and prescient and mission of BigPay since its inception in 2017,” says BigPay CEO, Salim Dhanani.

“Being granted a digital banking licence would enable us to offer people, freelancers, and [micro SMEs] with full-fledged monetary companies designed with the identical ethos.”

Aireen Omar, president of AirAsia Digital, says her agency has a “broad ecosystem” of enterprise and particular person customers.

She provides: “BigPay could have entry to distribute monetary companies to this ecosystem, including general worth to everybody inside it.”

The Central Financial institution of Malaysia revealed final week it has obtained 29 digital banking licence purposes.

Among the many hopefuls are present lenders, conglomerates, know-how corporations, cooperatives, and even state governments. The central financial institution plans to subject as much as 5 licences within the first quarter of 2022.

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