Tony Fernandes officially opened BigPay which operates on services such as money lending and remittance

The CEO of the AirAsia Group – Tony Fernandes, officially opened BigPay; which is his newest fintech project. On the 15th of March (Thursday), he addressed fintech leaders during the Money 20/20 seminar held in Singapore. He affirmed that the operation of BigPay – which is a new payment protocol that doesn’t deal with cash, would permit the low-cost carrier go totally cashless soon. New project for a CEO.

Earlier this year, soft was launched. bigPay is a prepaid card that operates as the usual credit and debit card, which could be used for airline transactions. Also, digital cash could be transferred from one operator to the other for free – thus, making planning more convenient for travelling in groups.

 

Christopher Davison and Salim Dhanani, which are the founders of BigPay had approached fernandes at first concerning the development of a disturbing financial product functioning with huge amounts of data from AirAsia. At the presentation, Fernandes said, “up to 80% of our business still operates in SirAsia.com and we guard it – for the previous years, we assumed that the data we developed had massive amount of value. Therefore, that’s the reason I’m changing our company to a digital one.”

Fernandes is a passionate believer in great ideas and plans to duplicate his achievements in AirAsia’s “everybody can fly” concept with BigPay very soon. Furthermore, he guesses that very soon, BigPay might even have more worth than AirAsia – as stated by the Malay Mail Online.

 

The cashless wallet is only the beginning of the advancements in AirAsia’s as a digital company. Furthermore, fernandes wants to get rid of exchange rates for passengers in AirAsia that are operating with BigPay, get into the remittance market, and delve into money-lending transactions for entrepreneurs. Fernandes made a joke that “in our society today, you have to mortgage your kids to obtain a bank loan.”

“We believe that the way forward is to disrupt marketing as well as developing entrepreneurs.” Fernandes stated that he expects to get partnerships with e-commerce companies all around the area in future as they concentrate on ASEAN and also what he usually calls – “high resolution data.”

The AirAsia Group 53-year-old boss usually takes the airline to previously unbelievable heights – while it was valued in millions in debt, he bought it at 25 cents (RM1). Ever since, it won the Top Low-cost Airline honour by Skytrax for straight nine times.

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