AirAsia Berhad: BIGPAY LAUNCHES FIRST FULLY DIGITAL AND FASTEST PERSONAL LOAN PRODUCT
Kuala Lumpur, Malaysia, March 3, 2022 – BigPay, a Capital A venture capital firm, announces the launch of its all-digital lending as part of a broader range of financial services offerings. BigPay Later, a 100% subsidiary of the BigPay Group and holder of a digital money lending license, is proud to announce the launch of its first personal loan product. This makes BigPay the first product to have a fully digital personal loan product as part of its offering in Malaysia. There has been overwhelming demand for the personal loan product and it will be rolling out to more users over the coming weeks. BigPay Later personal loans are currently available to select users and will gradually be rolled out to more and more people.
“The pandemic has highlighted how important it is for people to have access to versatile and easy-to-use financial solutions. Many underserved demographic groups in Malaysia do not have access to the credit they need because they lack the generally ‘acceptable’ credit history that is required by traditional banks – this has a direct impact on the ability to build a long-term financial position. We have always been committed to democratizing financial services through to accessibility and education throughout South East Asia. We believe that the launch of our personal loan product is unique with the level of transparency, ease of use and the way in which we carry out our credit rating which not only takes into account past loan history but also customer behavior. The launch of the personal loans product brings us one step closer to reducing ion of the financial inclusion gap. noted Salim Dhanani, CEO and co-founder of BigPay.
Capital A CEO Tony Fernandes said, “We are very proud of BigPay Later’s launch of the first digital personal loan product. BigPay has the ability to leverage Capital A’s rich database and customers who are highly loyal to our brands. BigPay shares the same philosophy. and principles like Capital A and AirAsia: focus on affordability, accessibility as well as inclusiveness. We are thrilled to be able to disrupt once again and give the common man, from SMEs, small entrepreneurs to the general public, the same accessibility to easy, simple loans and other ongoing financial services.”
The personal loans offered by BigPay Later have competitive interest rates that are lower than standard credit card rates and easier to apply for, as it is a fully digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details through the app to apply. Additional documents are usually not required and the application can be approved in minutes. The personal product issued by BigPay Later is fully regulated by the Malaysian Ministry of Housing and Local Government (KPKT).
Available on the BigPay app, the loans dashboard features a repayment schedule with a transparent breakdown of repayment installments and an autopay option to prevent users from falling behind on repayments. Details such as principal amount, interest, late interest and stamping fees are clearly highlighted instead of the standard lump sum so that users always know the payment amount and duration, as well as what ‘they pay.
Since its inception in 2017, financial inclusion has been at the core of BigPay’s vision and mission. Over the past four years, more than 2 million Malaysians have improved their financial health with BigPay. This has become a reality as BigPay has continuously added several regulated financial products to its offerings, including e-money account, international money transfers, micro-insurance, and budgeting. In November 2020, BigPay Later was named one of eight Malaysian companies to receive a provisional license for online money lending by the KPKT, expanding BigPay’s ability to provide better financial services to Malaysians.
To learn more about BigPay and BigPay Later’s personal loan product, please visit www.bigpayme.com.
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About BigPay later
BigPay Later Sdn Bhd (Co Registration No: 202001019384 (1375704-P) is a digital money lending licensee regulated by the Department of Housing and Local Government (KPKT).
About Big Pay
BigPay is an ASEAN fintech with proud Malaysian roots founded in 2017. BigPay is committed to democratizing financial literacy, accessibility and well-being in the region by providing transparent, simple and secure digital financial services. From payments and international transfers, to bill payment, credit, microinsurance and smart budgeting, the goal is to drive lasting change for consumers and businesses across Southeast Asia. .
For more information, please contact [email protected]