BigPay, the fintech arm of airline AirAsia, has secured an investment of up to US$100 million from South Korea's SK Group.
Founded in 2017, BigPay offers users in Malaysia and Singapore a digital wallet complete with prepaid debit card, local and international money transfers, micro-insurance, bill payments and a budgeting tool.
News of the investment comes weeks after BigPay announced its application for a digital banking license in Malaysia as it seeks to broaden the scope of its offering. The firm also wants to expand to new countries, beginning with Thailand.
Salim Dhanani, CEO, BigPay, says: "Our mission is to become a leading challenger bank across Southeast Asia. We’ve established ourselves in Malaysia as one of the leading providers of digital banking services, and we want to expand our product sets, along with growing the model to new markets."