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KUALA LUMPUR, Malaysia (July 1): Big Pay, an e-wallet business of AirAsia Group Bhd, is forming a consortium with Malaysian Industrial Development Finance Bhd (MIDF) to seek for Malaysia’s digital banking license.
According to AirAsia’s application, other partners include Ikhlas Capital Master Fund Pte Ltd, a private equity firm partly owned by former banker Datuk Seri Nazir Razak, and a foreign corporation with fintech expertise.
Through wholly-owned subsidiary BigPay Capital Sdn Bhd, AirAsia’s 89.29 percent unit Big Pay Pte Ltd is a member of the consortium. According to AirAsia, an application has been submitted to Bank Negara Malaysia.
BigPay CEO and founder Salim Dhanani said in a statement that the digital banking license will allow BigPay to deliver full-fledged financial services to people and micro-businesses that are simple, accessible, and come with transparent prices.
“By partnering with BigPay Bank, we will be able to further our aim of creating a connected financial future for Malaysian consumers and enterprises,” Salim said.
The consortium is one of dozens of organizations that have applied for one of five digital banking licenses that will be granted in the first quarter of next year.
AirAsia’s stock declined 1.5 sen today, or 1.69 percent, to settle at 87.5 sen, valuing the company at RM3.41 billion.
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