AirAsia expects to get final approval for BigPay lending business by January

KUALA LUMPUR (December 8): AirAsia Group Bhd is seeking final approval for its BigPay lending business by the first quarter of next year (1Q21).

The group said it had already received interim approval from the Department of Housing and Local Government (KPKT) in mid-November to provide loans online under a community credit license.

“We hope to receive final approval from KPKT in 1Q21, before officially deploying loan services in Malaysia,” AirAsia said in a filing filed with Bursa Malaysia today.

The group added that it is also working on insurance and wealth management services which are slated to be rolled out in Malaysia next year, subject to regulatory approvals.

AirAsia was responding to a press article by Bloomberg posted yesterday on, titled “AirAsia ‘quietly optimistic’ about 2021 with focus on ASEAN”.

The report says AirAsia is applying for digital banking licenses in Malaysia and two other Southeast Asian countries. He quoted the group’s CEO, Tan Sri Tony Fernandes, as saying that remittance business had increased by 50% per month and the group would start lending in Malaysia in January, and was also working on insurance and management. of heritage.

The article also mentions that AirAsia is now focused on expanding its base in Southeast Asia and is in talks to create three new airlines in the region.

In today’s brief, AirAsia confirmed that it is exploring opportunities for a local airline to be present in Indochina, as recently mentioned in its third quarter earnings press release.

The Edge Malaysia The weekly reported on Nov. 30 that AirAsia is reviewing its plan to create new local airlines in Indochina and has earmarked funds from its capital raising project to support those efforts.

Two years ago, AirAsia announced plans to launch a low-cost airline in Vietnam and Myanmar. It was also reported that he was looking for a partner in Cambodia, but nothing materialized.

AirAsia shares rose six sen or 7.32% to 88 sen today, with a market cap of RM 2.94 billion.

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