BigPay gears up for regional expansion, with early access coming to Singapore users in coming weeks
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BigPay is coming to Singapore, after 2 years of rapid growth with over 1 million users in Malaysia. The fast-growing Fintech is on an aggressive growth path and is getting ready to make its mobile money app and prepaid Visa card available to all Singapore residents in the coming weeks.
“We quietly opened up our waiting list on the app earlier this year and already have 20,000 people ready to get early access” said Christopher Davison, Co-Founder and CEO. “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.”
Launched in 2018, BigPay has grown to be one of the largest e-money issuers in Malaysia by gross transaction value. 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. BigPay has received its licence from the Monetary Authority of Singapore to operate in Singapore early this year.
BigPay will make its two core features – payments and remittance – available in Singapore. Users will be able to seamlessly 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.
In addition, Singapore users will be able to remit money quickly and at a competitive rate to 10 markets, namely: Malaysia, China, the Philippines, Indonesia, Thailand, Vietnam, India, Bangladesh, Nepal and Australia, with more to come.
Operating on a challenger bank model, BigPay’s goal is to give consumers access to all the mainstream financial products typically offered by retail banks – at a much lower cost and with greater efficiency. BigPay also plans to launch new business lines such as loans, insurance and wealth management in the coming months, as well as expand to other Southeast Asian markets early in 2021.
Questions & Answers
Q.What services will BigPay initially offer to users in Singapore?
What services will BigPay initially offer to users in Singapore?
BigPay will initially provide payments and remittance services. Users can open an account, make payments locally and internationally, transfer money to friends, split bills, and track spending through the integrated app.
Q.Which countries will Singaporean users be able to send money to?
Which countries will Singaporean users be able to send money to?
Singaporean users will be able to remit money to Malaysia, China, the Philippines, Indonesia, Thailand, Vietnam, India, Bangladesh, Nepal and Australia. More markets are expected to be added later.
Q.When does BigPay intend to launch new services and expand to other regions?
When does BigPay intend to launch new services and expand to other regions?
BigPay plans to launch new business lines like loans, insurance, and wealth management in the coming months. They also aim to expand into other Southeast Asian markets early in 2021.
Q.What is BigPay's main objective for consumers, resembling a challenger bank model?
What is BigPay's main objective for consumers, resembling a challenger bank model?
BigPay's goal is to offer consumers access to mainstream financial products, similar to those from retail banks. They aim to provide these services at a much lower cost and with greater efficiency.
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