KUALA LUMPUR – BigPay, one of the fastest growing fintech companies in Asean, is titled the most searched-for digital bank in Malaysia, according to a research by the UK finance publication Business Financing. From a comprehensive list of digital banks, BigPay ranked number one based on keywords and Google search data.
“We are humbled to be recognised as a leading fintech company as we further accelerate financial inclusion in Malaysia. Over the last four years, we’ve helped more than 1.9 million Malaysians improve their financial health. We’ve worked to launch regulated financial products that are not only simple and convenient, but that also have transparent fees and are accessible to everyone,” said Salim Dhanani CEO & Co-Founder of BigPay in a statement on November 2.
“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,” Kamarudin Meranun, Executive Chairman of AirAsia Group said.
A study by Bain & Company indicates an estimate of 55% of Malaysia’s population still remain unbanked or underbanked. With COVID-19 as a catalyst for the digital transformation of banking and financial services, over 74% of Malaysians are now aware of digital banking and 66% are keen on adopting such services into their daily lives.
Founded in 2017, BigPay is now live in Malaysia and Singapore. Its current offering includes a prepaid debit card, which can be used to spend anywhere Visa or Mastercard is accepted, local and international money transfers, micro-insurance, bill payments, and a budgeting tool.
Back in July, BigPay with a consortium of strategic partners had submitted its application for one of the five digital banking licences that Bank Negara Malaysia (BNM) will issue in 2022.
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.