(08 Aug 2021)
BigPay, an airasia Digital portfolio company, has
finalised up to US$100 million in financing from South Korean
conglomerate, SK Group.
Founded in 2017 and present in both Malaysia and
Singapore, BigPay’s 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.
BigPay has launched a series of products for its
users focused on long-term financial health and accessibility.
“Our mission is to become a leading challenger
bank across Southeast Asia,” said Salim Dhanani, CEO & Co-Founder
of BigPay. “We’ve established ourselves in
Malaysia as one of the leading providers of digital banking
services, and we want to expand our product sets, along with
growing the model to new markets. Thailand and the wider ASEAN is
next, but we’ll be launching key products before that – with fully
digital personal loans, transactional lending and an offering for
This is the first time any portfolio company
within airasia Digital has secured financing of this size.
Jung Kyu Kim, Chief Representative of SK Malaysia,
said, “We are happy to be joining forces with BigPay as we’ve had
a keen interest in fintech and digital banking for a long time. SK
Group will be able to make a significant contribution to BigPay in
both technical and consumer service aspects given our experience
The deal 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.
AirAsia Group CEO, Tony Fernandes, said, “I am
excited for this great partnership with SK Group and for their
belief in BigPay’s mission to bring inclusivity to financial
services. This is the first investment into one of our portfolio
digital companies and a testament to our digital growth story – we
don’t anticipate it being the last. SK Group is second to none
when it comes to innovation and experience, so we truly believe
they can share their expertise and know-how-to that this
investment can mark the beginning of a new exciting digital
Travel Industry News,