BigPay raises $100 million investment from SK Group

Karthik Subramanian

Bigpay, the wallet arm of the aviation company AirAsia, has raised $100 million for its growth and expansion from the SK Group of South Korea.

malaysia

The BigPay platform offers a digital wallet for users to send and receive funds, make transactions, purchase insurance, convert currencies into different fiats, and other such finance-related functions. The company hopes to use these funds to develop into a challenger bank and also build out more features and upgrades into its platform.

The company currently operates in Malaysia and Singapore and it has plans to expand into other regions as well, for which the current funding, the biggest funding that the company has raised so far, would be used.

“Thailand and the wider ASEAN is next, but we’ll be launching key products before that, with fully digital personal loans, transactional lending, and an offering for MSMEs,” said Co-Founder and CEO of BigPay, Salim.

The news of the investment comes just a few weeks after the news that BigPay has applied for a license to start a digital bank in Malaysia that would be able to offer a range of investments that include savings accounts, debit/credit cards, and other related banking services. Digital banking is expected to be the next frontier for the banking industry as it prepares for a new generation of users who spend most of their time online and on their mobile. Users nowadays do not like to visit branches for each banking service and they prepare the speed and the reliability of digital banking.

“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,” said Salim.

Digital banking also ensures that the platform would be able to easily onboard users even in remote areas who would normally not have easy access to bank branches and this is a win-win situation as the bank gets new customers and the users can get easy banking.

AirAsia is also set to acquire Gojek in Thailand as it begins its expansion in the ASEAN region and it would hope to capture the large market in this region with its digital banking platform.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<