BigPay, AirAsia’s digital prepaid card, is among 8 companies that have been given the green light from the Malaysian Ministry of Housing and Local Government (KPKT) to provide loans online. BigPay Later Sdn Bhd’s approval has been announcement by Zuraida Kamaruddin on Friday in the online money lending guidelines virtual session.
AirAsia Group CEO Tony Fernandes posted on Instagram that BigPay has received an interim loan license and that users will soon be able to apply for quick loans at low interest rates. He told Bernama that the approval was a lifeline for BigPay and that he hoped it would give people the chance to do business and have a decent life.
He added that funding will be available for the B40 group and the goal is to try and get loans approved within minutes. Although B40 is the largest beneficiary of the approval, funding will also be made available to other groups.
The ability to offer loans will boost BigPay’s Fintech game. In addition to offering a physical prepaid card managed as an electronic wallet, BigPay also offers attractive foreign exchange rates for transactions abroad as well as wire transfers to local and international bank accounts. A few months ago, they introduced a new feature that allows BigPay users to send money to AliPay users in China.
Besides BigPay, the ministry has also approved seven other providers, namely Axiata Digital Capital Sdn Bhd, Grabfin Operations (M) Sdn Bhd, GHL Payments Sdn Bhd, Presto Credit Sdn Bhd, JCL Credit Leasing Sdn Bhd, Fortune Tree Capital Sdn Bhd and Hoop. Fintech Sdn Bhd. With the implementation of online money lending by community lending companies licensed under KPKT, the ministry hopes to modernize the money lending industry to create a more conducive, secure money lending business environment. , controlled and ordered.[ SOURCE 2 ]