Tag: BigPay

Kuala Lumpur, Malaysia – BigPay, the fintech company under MOVE Digital–Capital A’s digital arm–, is reportedly experiencing a mass exodus of its top executives, according to a report from Fintech News Malaysia.

According to the report, the executives reportedly leaving the company are chief executive officer Zubin Rada Krishnan, chief operating officer Mitherpal Sidhu, chief growth and commercial officer Chris Manguera, and chief of staff and head of strategy Meirisha Berisdha. 

Unnamed sources have also stated that chief technology officer Siddharth Ravichandran will be leaving the company, but remains unconfirmed.

MARKETECH APAC has reached out to BigPay for their comment.

It is worth noting that BigPay also the departure of its co-founders Salim Dhanani, Chris Davison, and Navin Rajagopalan at different times, with Dhanani recently leaving in 2023.

In Capital A’s latest financial results for the third quarter of 2024, it had noted that BigPay’s revenue reached RM8.7m, with an EBITDA loss narrowed by 2% YoY to RM21.7 million, which was improved through cutting staff cost. Moreover, it had recorded that the recent launch of BigPay Lite saw 44% of new users in 3Q2024 onboarded via this channel. 

Cebu City, Philippines – Capital ACapital A’s campaign for diversity, ‘Time To Listen’, to release special single, the investment holding company of lowcost airline AirAsia, has announced a partnership with UnionDigital Bank, the digital bank subsidiary of Union Bank of the Philippines. Through this partnership, Capital A’s subsidiaries namely AirAsia, airasia Superapp, and BigPay will be involved and will extend its presence in the Southeast Asian markets of Malaysia, Singapore, Thailand, Indonesia and the Philippines.

The new partnership was announced during the recent APEC Business Advisory Council (ABAC) meeting press conference.

Through the partnership, UnionDigital Bank’s role will be to provide embedded finance in partnership with BigPay within the airasia Superapp travel platform, the main booking channel for AirAsia flights in the Philippines.

Moreover, the partnership will enhance the travel experience of frequent fliers with flexible payment options with a Fly Now, Pay Later offer available in airasia Superapp, and exclusive co-branding deals. This will create a progressive shift in the way customers plan and pay for their flights and other travel-related services, making fintech more convenient and accessible for Filipinos. 

Tony Fernandes, CEO at Capital A, said, “For Capital A, the vision has always been to provide low cost, best value services, connecting people and realising dreams, for people of Asean and beyond. With UnionDigital as our proud partner, we are now on our way to create a future where travel meets innovative financial solutions that facilitate everyone’s dream journeys with unparalleled ease. We look forward to working with UnionDigital to redefine travel coupled with fintech as an accessible and enriching experience.”

He added, “Data has shown that 7 out of 10 of our customers in the Philippines save up for their travel plans, carefully budgeting to ensure they can explore the world comfortably. It is this inspiring dedication that fuels our determination to break down barriers and create a more connected and inclusive global community.”

Meanwhile, Zubin Rada Krishnan, CEO of BigPay, commented, “As tourism flourishes in the region, we are excited to elevate the end-to-end travel and payment experience of Filipinos through our collaboration with UnionDigital Bank and airasia. Through this partnership, BigPay is one step closer to making our financial services highly accessible in the Philippines, with the mission of empowering people to level up their lives, one transaction at a time.”

Lastly, Henry Aguda, president and CEO at UnionDigital Bank, said, “This is a pivotal moment for the two important sectors in the Philippines. We are forging a path towards greater convenience, accessibility, and innovation to empower Filipinos to live better lives. As we make these partnership announcements at ABAC, we are not just setting the stage but building a solid foundation for a brighter future with BigPay and AirAsia by our side.”

Kuala Lumpur, Malaysia – BigPay, a financial services company venture from Capital A, has announced that Zubin Rada Krishnan, recently the country head for BigPay Malaysia, as its acting chief executive officer following the news of CEO and co-founder Salim Dhanani stepping down from his role to pursue new ventures outside of the company.

Before joining BigPay, Krishnan was a partner with the Boston Consulting Group for over six years, where he focused on financial services, including: the design of digital banks in Singapore and Malaysia; large-scale bank operating model transformations; and the build & launch of innovative digital products. He was also a co-founder of Tuas Capital Partners, a private equity fund. 

Prior to that he also played a strategy role at Hong Leong Bank where he helped set up a new subsidiary in Vietnam, and supported Malaysia’s last major retail banking merger. He began his career in KPMG Business Advisory, supporting financial institutions across financial risk and strategy.

Speaking on his appointment, Krishnan said that they have a stellar team behind the business, who are instrumental in deepening and expanding their footprint in Malaysia and across ASEAN, with a planned launch in Thailand later this year, followed by Indonesia and the Philippines.

“I am excited to be given this opportunity to drive BigPay’s mission. I will leverage my nearly 20 years of experience across financial services and capital markets to better provide our customers with the accessible and supportive products they need to live better lives. With an increased focus on our customers and deeper collaboration with airasia Superapp, I am confident in achieving greater growth for BigPay, which saw 56% YoY growth in revenue and a 43% improvement in gross profit margins,” he said.

Meanwhile, Colin Currie, president and CEO at airasia Digital commented, “The management would like to thank Salim for his leadership as CEO since December 2020, and for being a part of BigPay’s journey to challenge conventional banking in Asean. We are excited to welcome Zubin Rada Krishnan as acting Group CEO of BigPay, who has been the country head for Malaysia for nearly a year.” 

He added, “Zubin takes the helm of this great company at a time of strong, sustained performance and we are confident that he will continue to grow BigPay’s mission of giving Southeast Asians the financial services they need to level up their lives, one transaction at a time. We are excited for BigPay’s next step as we seek to tighten our links with AirAsia guests to provide a seamless travel payment experience within the Capital A ecosystem.”

Lastly, Dhanani said, “It has been an immensely humbling experience serving as the CEO of BigPay, securing capital to scale, developing a suite of financial services for our customers and diversifying revenue streams since inception. I trust that the amazing team I’ve had the privilege to work with will ensure that we have a sustainable business model scaling within the AirAsia and Capital A ecosystem as BigPay embarks on the next chapter with the new leadership.”

Kuala Lumpur, Malaysia – Local fintech BigPay has launched its newest Raya-centric campaign which invites viewers to embrace the festive season amidst feeling that the tradition is ‘just a cycle’.

The ad follows the protagonist Aliya, played by Bunga as a teenager who dreads Hari Raya and the traditions associated with it – the family portraits, the praying, the eating, visiting relatives, and a strange neighbour, Mak Dodol. Throughout the ad, it shows the growth journey of learning how to embrace Raya after being stuck in a never-ending loop of the first day of Raya.

For Chris Manguera, chief marketing officer at BigPay, this year’s Hari Raya Aidilfitri will be especially meaningful for those celebrating since the easing of restrictions and the return of a sense of normalcy. He added that they are excited for their Muslim brothers and sisters to celebrate to the fullest, and with BigPay’s features, it will be a much added convenience during this period.

“The team is incredibly proud to finally unveil this short film that took hard work to bring to life. With this short film we wanted to portray a perspective less-commonly shown, one that showcases the different emotions and experiences when it comes to celebrating Raya. We understand that this year’s Raya celebration is a special one. We are so excited to see families finally being able to spend time together after a long while,” Manguera said.

He added, “With that, we’ve also been working hard to ensure that we continue to create a brand and a product that supports our users across all walks of life that allows them to enjoy different moments as we help try to make things simpler, better for everyone.”

BigPay’s short film is available on BigPay’s Facebook and YouTube and Instagram page starting 27 April.

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).

Kuala Lumpur, Malaysia – ASEAN fintech company BigPay, which is under AirAsia, has appointed Lion & Lion as its digital and social media marketing partner for its Malaysia and Singapore markets. The agency said that the new partnership strengthens its portfolio in the financial services industry and highlights its strong growth in the region. 

Lion & Lion has developed an integrated creative solution that utilises social media in “bold new ways” to grow BigPay’s digital presence and increase the brand’s share of voice among millennials in the space of financial technology. Building on the theme of BigPay giving users better control of their finances, the campaign will utilise a combination of interactive content developed specifically for Facebook, Instagram and Twitter, as well as partnerships with influencers and creators. 

Lion & Lion said the overall goal is to educate millennials on financial literacy, while also positioning the BigPay brand as a trusted partner that understands the lifestyle needs and financial habits of their target audience.

Ham Maghazeh, director of social media at Lion & Lion, shared that their insights have shown that millennials and Generation Z find financial topics boring or difficult to understand, which brings the agency to craft an approach that uses fun and relatable online pop culture references such as memes, entertainment and music in order to resonate with the said target audience. 

“Essentially we are turning fintech into ‘funtech’ in order to bridge the gap between millennials and financial literacy. We then tie this back to BigPay, which as a financial platform, allows users the power to control their spending wisely,” says Maghazeh. 

Cheelip Ong, regional chief creative officer of Lion and Lion, added “We are excited to enter 2022 with BigPay as our new client. As a fintech company that is committed to democratising financial literacy, BigPay has an amazingly strong product with a multitude of offerings. We are excited to help BigPay drive their product narrative to resonate to a younger audience segment and grow their user base, while building their brand presence in the region with our creative and digital expertise.”

Chris Manguera, BigPay’s CMO said that as a fintech brand, they believe that they have a role to actively educate and advocate financial literacy.

“On top of that, we want our presence to be as fun as our blue card while still keeping true to our mission and vision. Lion & Lion stood out with their creative output and it was highly aligned with the bold direction we’re headed towards, which is to make fintech, ‘funtech’,” added Manguera. 

In August 2021, BigPay secured US$100m in funding to establish itself as a ‘challenger bank’ in SEA.

Kuala Lumpur, Malaysia – BigPay, the digital portfolio and fintech company under AirAsia, has announced that it has finalized its funding, now amounting to US$100m, which entails the company to push through its vision of becoming a ‘challenger bank’ in the growing banking ecosystem in Southeast Asia.

Said funding was led by SK Group, one of the leading conglomerate groups, headquartered in South Korea.

Founded in 2017, the company, which is present in both Malaysia and Singapore at the moment, offers a prepaid debit card which can be used to spend anywhere Visa or Mastercard is accepted, local and international money transfers, micro-insurance, bill payments and a budgeting tool. BigPay has launched as well a series of products for its users focused on long-term financial health and accessibility.

According to Salim Dhanani, co-founder and CEO at BigPay, said funding speaks to the company’s vision to expand their product sets, along with growing the model to new markets. He added that they target to expand to Thailand and the wider ASEAN market, but for now, they will focus first in launching key products: fully digital personal loans, transactional lending and an offering for MSMEs.

“Our ethos has always been clear. We want to launch financial products that are not only simple and convenient but transparent and accessible to everyone. We are ready to embark on the next stage of our journey with SK Group and we will continue to provide fair financial services to communities across Southeast Asia,” says Salim.

The funding from one of South Korea’s largest conglomerates and tech innovator further strengthens AirAsia’s digital endeavor as it accelerates the scope of growth for its digital businesses, including logistics and financial services.

“We are happy to be joining forces with BigPay as we’ve had a keen interest in fintech and digital banking for a long time. SK Group will be able to make a significant contribution to BigPay in both technical and consumer service aspects given our experience and resources,” said Jung Kyu Kim, chief representative at SK Malaysia.

Meanwhile, Tony Fernandes, CEO at AirAsia Group, commented, “I am excited for this great partnership with SK Group and for their belief in BigPay’s mission to bring inclusivity to financial services. This is the first investment into one of our portfolio digital companies and a testament to our digital growth story – we don’t anticipate it being the last.”

He added, “SK Group is second to none when it comes to innovation and experience, so we truly believe they can share their expertise and know-how so that this investment can mark the beginning of a new exciting digital banking era.”

Kuala Lumpur, Malaysia – Airasia has announced first-ever ‘Super Sale’ this year, offering shoppers more deals and discounts in the airasia super app from 5 to 11 April 2021.

Throughout the ‘Super Sale’ period, shoppers can enjoy up to 70% off on products such as fresh produce, groceries, and food deliveries to lifestyle products, as well as Muslim-friendly services, and health and wellness packages on airasia’s super app or airasia.com. 

Karen Chan, the CEO of airasia’s super app, said that they have aggressively expanded their super app offerings during the first quarter of the year with the launch of airasia shop in the Philippines and airasia food in Singapore, and more to follow in other ASEAN cities. 

“We have expanded our portfolio of brands and merchants allowing us to offer customers a bigger variety of products at a greater value. From having biryani rice to beauty products delivered to your doorstep, we hope everyone will have an enjoyable experience shopping on our airasia super app during the Super Sale,” added Chan.

During the ‘Super Sale’, deals will include up to 50% off selected merchants on airasia food, 20% off for Santan Cafe storewide via delivery on airasia food, and up to 60% off selected items on airasia fresh, as well as up to 70% off on airasia shop with delivery fees as low as RM0.99 using the promo code ‘99DEL’.

Airsia guests can also enjoy up to 60% off hotels on their next staycation and earn five times more BIG Points for their booking, while on airasia health, guests can book a one-year dental care package for as low as RM999. 

Meanwhile, IKHLAS, the Muslim-friendly digital business unit, is also offering 10% off for all products. Shoppers on this platform can also earn 1 BIG Point for each RM1 spent.

BIG members also have the option of paying using BIG Points, while BigPay users can use ‘One-Click’ immediate checkout using the BigPay card.

Kuala Lumpur, Malaysia – AirAsia’s payment platform BigPay has announced a new Bills Payment feature which allows users of the app to pay to more than 20 billers, ranging from telecommunication providers to energy providers.

Some of these billers include Astro, Celcom, Air Selangor, Sabah Electricity, and Sarawak Energy Berhad. 

With the new feature, billers are also enabled to set payment reminders, save transaction details and even split bills from one payment platform. 

“We are thrilled to launch our financial marketplace with Bill Payments. This brings us one step closer to becoming a one-stop solution for our users’ financial needs. 2021 will be an exciting year for BigPay as we have a pipeline of new products and features to be rolled out including digital loans, insurance, and wealth management. We can’t wait to bring all of this to our growing community,” said Salim Dhanani, co-founder of BigPay.

To access the Bill Payments feature on the BigPay app, users can simply click on the ‘Payment’ option from the main screen, select the preferred biller and insert the requested details. After confirming the transaction with a secure PIN, the user’s account will be debited.