BigPay, one of the fastest growing fintech companies in Asean, is now Malaysia’s most-searched Digital Bank as consumers look for more convenient ways of making payments. This status is noted in research conducted by the UK finance publication Business Financing. The ranking, based on keywords and Google search data covered a comprehensive list of digital banks.
Your digital bank in your wallet
Founded in 2017, BigPay is now live in Malaysia and Singapore. Its current offering includes
- a prepaid debit card
- spend anywhere Visa or Mastercard is accepted
- local and international money transfers
- bill payments and
- a budgeting tool
Coming soon, BigPay will launch a number of additional services, including responsible credit, micro savings and an offering for mSMEs and freelancers. Bank Negara Malaysia (BNM) will issue five digital banking licenses in 2022. BigPay, with a consortium of strategic partners submitted its application for one of these licenses in July 2021. In August, BigPay raised US$100m in funding from South Korean conglomerate SK Group to accelerate its growth and mission of becoming the leading challenger bank in Southeast Asia.
Applying for a BigPay account is very easy and this writer found it the better choice over cash or credit card when travelling overseas pre-covid. We found the exchange rate to be better and the transaction and conversion details were available immediately on your phone. The availability of a physical card makes it especially useful while travelling and you can upload your funds as and when you need them. Just make sure your phone number is available for verification of your credit card, if this is needed. For more information, check out their website.
Salim Dhanani, CEO & Co-Founder of BigPay is humbled to be recognised as a leading fintech company as Malaysia’s digital economy further accelerates. Over the last four years, more than 1.9 million Malaysians have signed up for a BigPay account. The company plans to launch regulated financial products that are both simple and convenient, accessible to everyone with transparent fees.
With an estimated 55% of Malaysia’s population still remaining unbanked or underbanked, there is clearly a strong market to be tapped. COVID-19 has been a catalyst for the digital transformation of banking and financial services, with over 74% of Malaysians now aware of digital banking and 66% keen on adopting such services into their daily lives.
….. I am proud that BigPay has essentially been recognised as the most popular digital bank in Malaysia. As a portfolio company of AirAsia, BigPay shares the same ethos of bringing democracy to financial services and creating digital products that are inclusive, affordable and accessible for the people of Asean. Datuk Kamarudin Meranun, Executive Chairman of AirAsia Group