AirAsia’s BigPay secures US$100m from South Korea’s SK Group to grow its financial businesses

BigPay, the fintech device of airasia Electronic, has raised up to US$100 million in financing

BigPay, the fintech device of airasia Electronic, has raised up to US$100 million in financing from SK Team, the 3rd-premier conglomerate in South Korea by asset dimension.

This is the 1st time any
portfolio business in airasia Digital has secured funding of this size.

BigPay stated the funding from one of South Korea’s largest conglomerates and tech innovator “further strengthens Airasia’s digital endeavour as it accelerates the scope of progress for its digital corporations, which include logistics and economic providers.”

The funding comes a couple of months after BigPay declared its application for a digital banking license in Malaysia with a consortium of strategic partners that involve Malaysian Industrial Progress Finance Berhad (MIDF), Singapore-headquartered Ikhlas Cash and a overseas conglomerate with fintech experience.

BigPay’s ambition is to become a single of “the major challenger financial institutions in South-east Asia”, mentioned Salim Dhanani.

“Our ethos has often been distinct. We want to start financial solutions that are not only simple and easy but clear and available to everybody. We are all set to embark on the up coming phase of our journey with SK Team and we will proceed to present honest economical providers to communities across South-east Asia,” CEO & co-founder of BigPay Salim Dhanani stated.

He included that the company’s
ambition is to grow to be a person of “the premier challenger banking institutions in South-east Asia”.

“Closing this financing spherical presents us the capability to create out our choices, accelerate item advancement and scale. We are thrilled to have SK Group with us on this journey.”

AirAsia group
chief govt officer Tony Fernandes stated the financing is “a testament” to  BigPay’s digital development.

“SK Group is next to
none when it comes to innovation and working experience, so we actually believe that they can
share their knowledge and know-how so that this financial investment can mark the
starting of a new enjoyable electronic banking era.”

Commenting on the expense the main consultant of SK
Malaysia, Jung Kyu Kim reported the conglomerate has a keen interest in fintech and
digital banking for a extensive time. “SK Group will be able to make a sizeable
contribution to BigPay in both equally specialized and consumer provider areas offered our
practical experience and resources.”

BigPay, established in established in 2017, is existing in both of those
Malaysia and Singapore. Its recent giving features a pay as you go debit card that
can be used anyplace Visa or Mastercard is acknowledged, local and worldwide
cash transfers, micro-insurance, bill payments and a budgeting resource. In
the coming months it will insert new providers including liable credit score and
micro savings.

Salim said BigPay, having
set up itself in Malaysia as a single of the leading vendors of electronic banking companies, is seeking to
develop its product or service sets, along with escalating the product to new markets in ASEAN.

BigPay has produced its entry into Thailand next AirAsia’s acquisition of Indonesian unicorn Gojek’s Thai operations, and aims to go stay in the 1st quarter of 2022.

AirAsia is developing its electronic enterprises, transforming to come to be more than an airline, to make up for the shortfall in earnings from air vacation owing to the ongoing vacation constraints that has observed most of its fleet grounded.

The AirAsia Group has also embarked on a quantity of fundraising initiatives. On August 5, it obtained US$56.83 million (RM239.98 million) from the merger amongst Fly Leasing Limited (Fly Leasing) and Carlyle Aviation Associates. “Our program to elevate up to RM2.5 billion as a result of a blend of borrowing and equity raising is on monitor. This transaction delivers a welcome increase to our general fundraising approach,” claimed Fernandes.

All pictures credit score: AirAsia/BiPay