AirAsia's BigPay to launch payments, remittance services in Singapore

AIRASIA's financial services venture BigPay will be expanding its e-wallet services to Singapore, with early access available to users in the coming weeks.

The Malaysia-based fintech will roll out its mobile money app and accompanying prepaid Visa card with two core features - payments and remittance - to all Singapore residents. Some 20,000 people are on the waiting list to get early access, said BigPay in a statement on Monday.

Launched in 2018, BigPay has since amassed over a million users in Malaysia. The firm said it is now one of the largest e-money issuers in Malaysia by gross transaction value amid the challenging operating environment.

"The company's business was unscathed by the global pandemic, showing strong growth in international money transfers and online spending thanks to the worldwide acceptance of its card," it noted.

BigPay received its licence from the Monetary Authority of Singapore to operate in Singapore early this year.

With the launch, users here will be able to open an account from their mobile phones and make payments at any local or international merchant. They will also be able to make free and instant money transfers to friends, split bills, manage work expenses and track their spending all in one integrated app.

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Users will also be able to remit money "quickly and at a competitive rate" to 10 markets - Malaysia, China, the Philippines, Indonesia, Thailand, Vietnam, India, Bangladesh, Nepal and Australia - with more to come, said BigPay.

The fintech said it operates on a challenger bank model, with a goal to give consumers access to mainstream financial products typically offered by retail banks at a much lower cost and with greater efficiency.

It also has plans to launch new business lines such as loans, insurance and wealth management in the coming months, as well as expand to other South-east Asia markets early in 2021. BigPay currently has offices in Kuala Lumpur, Bangkok and Singapore.

"People are turning to digital financial services, and the pandemic has accelerated the need for fair and transparent alternatives to traditional banking - which is exactly what BigPay stands for," said BigPay co-founder and chief executive officer Christopher Davison.