Home » TECH AND INTERNET » Fintech unit of Malaysia’s AirAsia secures up to $100 million from SK Group

Fintech unit of Malaysia’s AirAsia secures up to $100 million from SK Group

FILE Picture: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji/File Image

August 6, 2021

KUALA LUMPUR (Reuters) – South Korea’s SK Group will invest up to $100 million in the economical technological innovation unit of AirAsia Group Bhd, the Malaysian funds provider said in a assertion on Friday.

BigPay, a device of AirAsia’s digital arm, delivers a pay as you go debit card, regional and international cash transfers, micro-insurance policies, bill payments and a budgeting software.

“Our ambition has always been to establish BigPay as one particular of the most significant challenger banks in Southeast Asia,” mentioned Salim Dhanani, the company’s chief govt officer, who included that BigPay ideas to expand into Thailand and the rest of the area with personalized financial loans and quick-expression lending.

“Closing this financing round presents us the means to build out our choices, accelerate product or service development and scale,” he reported.

BigPay has also applied https://www.reuters.com/short article/malaysia-banking companies-airasia-idUSL3N2OD30W for a digital banking licence in Malaysia as component of a consortium with Malaysian Industrial Improvement Finance Berhad and non-public fairness agency Ikhlas Cash.

SK Team said it would “make a considerable contribution to BigPay in both equally specialized and customer services elements,” in accordance to the statement.

AirAsia has endured from the pandemic slump in world-wide vacation and has been pushing to improve its digital organizations, which include a logistics company and a travel and way of living companies application.

On Thursday, the airline said it had netted $56.83 million from a merger involving Fly Leasing Confined and Carlyle Aviation Associates, and was doing work on a data-backed personal loan of up to $350 million.

(Reporting by Liz Lee Editing by James Pearson)

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