AirAsia Hops on the Fintech Bandwagon
Here’s an interesting move. AirAsia, the popular Malaysian low-cost airline, is stepping into the fintech arena.
AirAsia Group Bhd is waiting for approval from Bank Negara Malaysia for its new financial technology (fintech) programme, which is expected to be launched in three months’ time, said AirAsia Group CEO Tan Sri Tony Fernandes.
Fernandes said the programme, dubbed as “The Big”, would enable banking and financial services as well as serve as a platform to process inflight purchases for over 60 million people on AirAsia flights annually.
Fernandes, speaking at a press conference in Paris, added that the program “would ease the purchasing process in the future, especially when AirAsia aims to achieve a record of 100 million customers flying with us by 2021.” 25% of the airline’s bookings are apparently made through its online platform, making “The Big” make more sense for them.
He was a little light on the program’s details, but apparently, AirAsia’s current BIG Prepaid MasterCard card already functions as a multi-currency wallet and boasts virtual options. The kicker? It’s already in use by the airline’s frequent fliers, so this whole stepping into fintech thing sounds more than just another gimmick. Stay tuned.