Kuala Lumpur, Malaysia – BigPay Later, a wholly owned subsidiary of Capital A’s venture company BigPay, has announced the launch of its first personal loan product. This makes BigPay the first product to have a full digital personal lending product as part of its offering in Malaysia.
As the overwhelming demand for personal loans products continues to increase, it will be rolled out to more users over the coming weeks. In addition, BigPay Later Personal Loans is currently available to selected users.
Salim Dhanani, CEO and co-founder at BigPay, said that they believe that the launch of their personal loans product is unique with the level of transparency, the ease of use and the way in which they do their credit scoring that doesn’t only look at the history of past loans, but also at customer behaviour. He added that the launch of the personal loans product brings them one step closer to bridging the financial inclusion gap.
“The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically “acceptable” credit history which is required by traditional banks – this directly impacts the ability to build long term financial standing. We have always been committed to democratising financial services through accessibility and education across Southeast Asia,” Dhanani said.
Meanwhile, Tony Fernandes, CEO at Capital A, commented, “We are very proud of BigPay Later’s launch of the first digital personal loans product. BigPay has the ability to leverage Capital A’s rich database and customers that have strong loyalty to our brands. BigPay shares the same ethos and principles as Capital A and AirAsia: focusing on affordability, accessibility as well as inclusivity. We are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services.”
The company notes that BigPay Later’s personal loans have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply.
Additional documents are not usually required and the application can be approved within minutes. The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT).
