BigPay Company Profile

Background

Overview

BigPay, established in 2017, is a fintech company headquartered in Kuala Lumpur, Malaysia. As a subsidiary of Capital A (formerly AirAsia Group), BigPay is dedicated to democratizing financial services across Southeast Asia by offering accessible, transparent, and secure digital financial solutions. The company's mission is to enhance financial literacy and inclusion, providing a comprehensive suite of services that cater to the diverse needs of consumers and businesses in the region.

Mission and Vision

BigPay aims to become a leading challenger bank in Southeast Asia, focusing on delivering innovative financial products that empower users to manage their finances effectively. The company's vision encompasses bridging the financial inclusion gap by leveraging technology to offer user-friendly and cost-effective financial services.

Industry Significance

In the rapidly evolving fintech landscape of Southeast Asia, BigPay stands out by integrating a wide range of financial services into a single platform. Its association with Capital A provides a strategic advantage, enabling seamless integration with the AirAsia ecosystem and offering unique value propositions to users.

Key Strategic Focus

Core Objectives

Financial Inclusion: Providing underserved demographics with access to essential financial services.

Product Diversification: Expanding the range of financial products to meet varying consumer needs.

Regional Expansion: Extending services beyond Malaysia to other Southeast Asian markets.

Areas of Specialization

Digital Wallet Services: Offering e-money accounts linked to prepaid Visa or Mastercard, facilitating both online and offline transactions.

International Remittances: Enabling cost-effective and swift cross-border money transfers.

Micro-Insurance: Providing affordable insurance products tailored to individual needs.

Personal Loans: Introducing fully digital personal loan products with competitive interest rates.

Key Technologies Utilized

Mobile Application: A user-friendly app that integrates various financial services, ensuring seamless user experience.

Data Analytics: Utilizing data-driven insights to offer personalized financial solutions and enhance user engagement.

Primary Markets Targeted

Malaysia: The initial and primary market with a significant user base.

Singapore: Expanded services to cater to the tech-savvy population.

Thailand: Recent expansion efforts to tap into the growing digital economy.

Financials and Funding

Funding History

Series A Financing (August 2021): Secured up to $100 million from South Korea's SK Group to fuel product development and regional expansion.

Notable Investors

SK Group: A South Korean conglomerate with diverse investments, providing strategic support for BigPay's growth initiatives.

Utilization of Capital

Product Development: Enhancing existing offerings and introducing new financial products.

Market Expansion: Establishing a presence in new Southeast Asian markets, starting with Thailand.

Technology Infrastructure: Investing in scalable and secure technological frameworks to support growth.

Pipeline Development

Key Pipeline Candidates

Digital Banking License: Application submitted to Bank Negara Malaysia to operate as a digital bank, aiming to offer a broader range of banking services.

Transactional Lending: Plans to introduce lending products tailored for micro, small, and medium enterprises (mSMEs).

Wealth and Savings Products: Developing tools to assist users in wealth management and savings.

Development Stages and Timelines

Digital Banking License: Application submitted in mid-2021; awaiting regulatory approval.

Thailand Expansion: Launched services in Thailand in July 2024, with ongoing efforts to scale operations.

Technological Platform and Innovation

Proprietary Technologies

Integrated Mobile Platform: A comprehensive app that consolidates various financial services, providing a seamless user experience.

Significant Scientific Methods

Advanced Data Analytics: Employing machine learning algorithms to analyze user behavior, enabling personalized financial recommendations and risk assessment.