BigPay, the fintech division of airline AirAsia, has recently settled funding of up to $100 million from South Korea’s SK Group.
Founded in 2017, BigPay empowers users in Malaysia and Singapore with a digital wallet intact with a prepaid debit card, local and global money transfers, micro-insurance, bill payments and a budgeting tool.
The news comes weeks after BigPay announced its appeal for a digital banking license in Malaysia as it explores to expand the reach of its offering.
The firm has a presence in Malaysia and Singapore however is also planning to expand into Thailand following AirAsia’s $50 million acquisition of digital payments firm Gojek’s Thai division recently.
Salim Dhanani, CEO and co-founder of BigPay, says: “Securing this financing round provides us the capacity to create our offerings, expedite product expansion and scale.”
Further he adds: “Thailand is next, but we will be announcing essential products before that – with fully digital private loans, transactional lending and an offering for mSMEs.”