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ios developer account( unit of Malaysia\u0027s AirAsia secures up to $100 mln from SK Group


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KUALA LUMPUR, Aug 6 - South Korea's SK Groupwill invest up to $100 million in the financialtechnology unit of AirAsia Group Bhd, the Malaysianbudget carrier said in a statement on Friday.

BigPay, a unit of AirAsia's digital arm, offers a prepaiddebit card, local and international money transfers,micro-insurance, bill payments and a budgeting tool.

"Our ambition has always been to establish BigPay as one ofthe largest challenger banks in Southeast Asia," said SalimDhanani, the company's chief executive officer, who added thatBigPay plans to expand into Thailand and the rest of the regionwith personal loans and short-term lending.

"Closing this financing round gives us the ability to buildout our offerings, accelerate product development and scale," hesaid.

BigPay has also applied a digital banking licence in Malaysia as part of aconsortium with Malaysian Industrial Development Finance Berhadand private equity firm Ikhlas Capital.

SK Group said it would "make a significant contribution toBigPay in both technical and consumer service aspects,"according to the statement.

AirAsia has suffered from the pandemic slump in globaltravel and has been pushing to grow its digital businesses,which include a logistics firm and a travel and lifestyleservices app. REUTERS



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