The funding round has been finalised only a few weeks after BigPay revealed it was applying for a Malaysian virtual bank license. BigPay had reportedly entered into a consortium with Malaysia-based financial institution MIDF and Ikhlas Capital, a Singapore-based private equity fund manager for the application.
Established in 2017, BigPay is offering services in Malaysia and Singapore. The fintech firm’s product offering includes a prepaid debit card that may be used to complete transactions anywhere Visa or Mastercard are accepted. BigPay also supports domestic and global fund transfers, micro-insurance, bill payments and provides a budgeting tool. BigPay has introduced several different products for its users that are focused on long-term financial wellbeing and improved accessibility.
BigPay entered Thailand’s markets after AirAsia acquired Gojek’s Thailand-based business in a transaction that was valued at around USD 50 million. It’s now planning to go live during H1 2022.
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