AirAsia Group Bhd’s financial technology arm, BigPay has secured a US$100 million investment from South Korea’s SK Group.
The news of investment comes after the e-wallet unit announced its application for a digital banking licence as it emphasizes the commitment to set up a connected financial future for Malaysian consumers as well as entrepreneurs.
Co-founder and chief executive officer (CEO) of BigPay Salim Dhanani said the company wants to establish BigPay as one of the challenger banks in Southeast Asia.
He added that BigPay plans to expand into Thailand and wider ASEAN. They will launch key products, including fully digital personal loans, transactional lending and offering for micro SMEs.
According to the statement, SK Group would contribute in the technical and consumer service aspect with its experience and resources.
SK Group is one of South Korea’s largest conglomerates and tech innovators. The investment will further enhance AirAsia’s endeavour to grow its digital businesses, including logistics and financial services.
Meanwhile, AirAsia CEO Tan Sri Tony Fernandes said the investment from SK Group is the first to one of its portfolio digital companies. It is a testament to the group’s digital growth endeavours.
Founded in 2017, BigPay is a digital arm of AirAsia. It offers an e-wallet complete with a prepaid debit card, local and international money transfer, micro-insurance, bill payments and budgeting tool.