Online loans

AirAsia’s BigPay, seven more people get green light to provide loans online | Malaysia

AirAsia Group CEO Tan Sri Tony Fernandes (center) said the approval was a lifeline for BigPay. – Photo by Shafwan Zaidon

KUALA LUMPUR, November 13 – AirAsia Bhd’s digital wallet provider BigPay Later Sdn Bhd, along with seven other ‘licensed credit community’ companies, have obtained approval from the Department of Housing and Local Government ( KPKT) to provide loans online.

The approval was announced during the ministry’s virtual session on online money lending guidelines which was launched today by its minister, Zuraida Kamaruddin.

The other seven companies are Axiata Digital Capital Sdn Bhd, Grabfin Operations (M) Sdn Bhd, GHL Payments Sdn Bhd, Presto Credit Sdn Bhd, JCL Credit Leasing Sdn Bhd, Fortune Tree Capital Sdn Bhd and Hoop Fintech Sdn Bhd.

AirAsia Group CEO Tan Sri Tony Fernandes said the approval was a lifeline for BigPay and he hoped it would give people the opportunity to do business and have a decent life.

“In this time of the Covid-19 pandemic, this funding will be available for the B40 group (and) the goal is to try and get loans approved within minutes,” he told Bernama.

He said that while the B40 would be the biggest beneficiary of the approval, funding would be available for other groups as well.

“It’s great technology that allows people to get the best prices. We hope that does not just become your place to buy AirAsia flights; we are building a great app.

“We are adding more and more services, one-stop shopping – we have fintech, e-commerce and we have other products coming up,” he added.

The guidelines have been developed for the implementation of online money lending transactions by community credit companies licensed under KPKT and to reduce the digital technology gap as well as to facilitate the implementation of community credit transactions. in accordance with new standards and environmental requirements.

It is also a ministry effort to modernize the money-lending industry (community credit) in line with industry rebranding efforts and create a more conducive, secure, controlled money-lending business environment. and ordered. – Bernama