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.


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

US Retail FX brokers suffer steep fall in client deposits, racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

Retail FX

Interactive Brokers’ traders now have direct access to TradingView

Professional charting and trading platform, TradingView has integrated the US-listed brokerage firm Interactive Brokers as the latest online trading partner.

Digital Assets

This Web3 infrastructure provider is on the verge of a radical upgrade

The crypto industry fueled the anticipation of the arrival of web3 with the introduction of Decentralized Finance, Metaverse, and more. And today, that web3 is finding support from various developers looking to build and develop the space to extract the most benefits out of it.

Digital Assets

Crypto bots: trading assistant 

The cryptocurrency market is a volatile one, with huge gains and dramatic dips. However, the most informed traders can use automated tools to maximize profits while minimizing risks. 

Retail FX

Cryptos Seed Review – What Makes This Broker Stand Out (2022)

Read our Cryptos Seed review today to learn all you need to know about Cryptos Seed before signing up with the broker( – by Finance Feeds.

Institutional FX

Citadel goes live with FX NDFs trades on LCH ForexClear

“This builds on the strong growth at the service, which has historically been driven by a focus on margin efficiencies that will only increase with Phase 6 of the uncleared margin rules in September 2022.”

Digital Assets

Crypto platform Bitfrost registers as VASP in Gibraltar ahead of DLT License

“We’re now looking at the next steps necessary to obtain authorisation to operate as a fully regulated DLT or Virtual Asset Service Provider.”