Malaysia’s AirAsia applies for digital banking license

Jul 2, 2021Updated Jun 4, 20251 min read

Malaysian budget airline AirAsia Group Bhd said on Thursday its fintech unit has bid for a digital banking license in the country as part of a consortium.

BigPay, the unit, has partnered with Malaysian Industrial Development Finance Berhad – a unit of the country’s largest asset manager Permodalan Nasional Bhd – and private equity firm Ikhlas Capital.

Singapore-based Ikhlas was founded by Nazir Razak, the former chairman of CIMB Group Holdings.

The consortium also includes a foreign conglomerate with fintech expertise, AirAsia said in a statement.

Citing sources, Reuters reported earlier on Thursday that AirAsia and its partners were among the bidders for up to five digital banking licences that the Malaysian central bank has said it will issue by early 2022.

Other bidders include a joint venture between ride-hailing-to-fintech group Grab and Singtel, telecoms operator Axiata and a consortium backed by Chinese tech firm Tencent.

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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