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 elevated up to US$100 million in financing from SK Group, the third-largest conglomerate in South Korea by asset size.

This is the first time any
portfolio corporation in airasia Electronic has secured funding of this dimensions.

BigPay mentioned the funding from 1 of South Korea’s most significant conglomerates and tech innovator “further strengthens Airasia’s electronic endeavour as it accelerates the scope of development for its digital organizations, which includes logistics and financial services.”

The funding arrives a couple of weeks after BigPay declared its software for a electronic banking license in Malaysia with a consortium of strategic associates that incorporate Malaysian Industrial Development Finance Berhad (MIDF), Singapore-headquartered Ikhlas Cash and a international conglomerate with fintech knowledge.

BigPay’s ambition is to develop into just one of “the greatest challenger banking companies in South-east Asia”, stated Salim Dhanani.

“Our ethos has constantly been clear. We want to launch monetary items that are not only straightforward and easy but clear and available to everyone. We are ready to embark on the up coming phase of our journey with SK Team and we will carry on to give truthful financial services to communities across South-east Asia,” CEO & co-founder of BigPay Salim Dhanani reported.

He additional that the company’s
ambition is to come to be just one of “the premier challenger banks in South-east Asia”.

“Closing this financing round offers us the potential to develop out our offerings, accelerate product development and scale. We are thrilled to have SK Group with us on this journey.”

AirAsia team
chief government officer Tony Fernandes mentioned the funding is “a testament” to  BigPay’s digital growth.

“SK Group is second to
none when it comes to innovation and expertise, so we definitely imagine they can
share their skills and know-how so that this investment can mark the
starting of a new fascinating electronic banking era.”

Commenting on the investment decision the chief representative of SK
Malaysia, Jung Kyu Kim mentioned the conglomerate has a eager desire in fintech and
digital banking for a lengthy time. “SK Team will be able to make a considerable
contribution to BigPay in both technological and purchaser assistance areas provided our
experience and means.”

BigPay, founded in started in 2017, is current in the two
Malaysia and Singapore. Its current featuring incorporates a pay as you go debit card that
can be applied anyplace Visa or Mastercard is recognized, local and worldwide
funds transfers, micro-insurance, monthly bill payments and a budgeting instrument. In
the coming months it will increase new products and services such as responsible credit rating and
micro savings.

Salim reported BigPay, obtaining
established by itself in Malaysia as one of the top companies of digital banking companies, is seeking to
broaden its products sets, together with increasing the model to new marketplaces in ASEAN.

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

AirAsia is developing its digital businesses, transforming to become more than an airline, to make up for the shortfall in earnings from air journey owing to the ongoing journey limitations that has seen most of its fleet grounded.

The AirAsia Group has also embarked on a amount of fundraising initiatives. On August 5, it been given US$56.83 million (RM239.98 million) from the merger concerning Fly Leasing Limited (Fly Leasing) and Carlyle Aviation Partners. “Our approach to increase up to RM2.5 billion through a combination of borrowing and fairness elevating is on observe. This transaction delivers a welcome improve to our total fundraising strategy,” explained Fernandes.

All pictures credit rating: AirAsia/BiPay

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