BigPay launches first fully digital and fastest personal loan product
BigPay first to launch lending ahead of other fintech companies in Asia
BigPay, through BigPay Later, is the first digital lending company in Malaysia to launch personal loans boasting low interest rates, a paperless process and immediate disbursement
KUALA LUMPUR, 3 March 2022 – BigPay, a Capital A venture company, is announcing the launch of its fully digital loans as part of the wider suite of financial services offerings. BigPay Later, a wholly owned subsidiary within BigPay group and a digital money lending license holder, is proud to announce the launch of its first personal loan product. This makes BigPay the first product to have a full digital personal lending product as part of its offering in Malaysia. There has been an overwhelming demand for the personal loans product and it will be rolled out to more users over the coming weeks. BigPay Later Personal Loans is currently available to selected users and will be progressively rolled out to more and more people.
“The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically “acceptable” credit history which is required by traditional banks - this directly impacts the ability to build long term financial standing. We have always been committed to democratizing financial services through accessibility and education across Southeast Asia. We believe that the launch of our personal loans product is unique with the level of transparency, the ease of use and the way in which we do our credit scoring that doesn’t only look at the history of past loans, but also at customer behavior. The launch of the personal loans product brings us one step closer to bridging the financial inclusion gap.” said Salim Dhanani, CEO and Co-Founder of BigPay.
CEO of Capital A Tony Fernandes said, “We are very proud of BigPay Later’s launch of the first digital personal loans product. BigPay has the ability to leverage Capital A’s rich database and customers that have strong loyalty to our brands. BigPay shares the same ethos and principles as Capital A and AirAsia: focusing on affordability, accessibility as well as inclusivity. We are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services.”
The personal loans offered by BigPay Later have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply. Additional documents are not usually required and the application can be approved within minutes. The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT).
Available on the BigPay app, the loan dashboard features a repayment schedule with a transparent breakdown of repayment installments and an auto-payment option to prevent users falling behind on repayments. Details such as the principal amount, interest, late interest and stamping fee are clearly highlighted instead of the standard lump sum so that users always know the payment amount and duration, as well as what they are paying for.
Since its inception in 2017, financial inclusion has been a core vision and mission of BigPay. The last four years have seen over 2 million Malaysians improve their financial health with BigPay. This has become a reality as BigPay has continuously added multiple regulated financial products to its offerings, including an e-money account, international remittance, micro-insurance and budgeting. In November 2020, BigPay Later was named one of the eight companies in Malaysia to receive a provisional license for online money lending by the KPKT, expanding BigPay’s capacity to deliver better financial services for Malaysians.
To learn more about BigPay and the personal loan product by BigPay Later, please visit www.bigpayme.com.
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About BigPay Later
BigPay Later Sdn Bhd (Co Registration No: 202001019384 (1375704-P) is a digital Money Lending license holder regulated by the Ministry of Housing and Local Government (KPKT).
About BigPay
BigPay is an ASEAN fintech with proud Malaysian roots founded in 2017. BigPay is committed to democratizing financial literacy, accessibility, and wellbeing in the region by providing transparent, simple and secure digital financial services. From payments to international transfers, bill payments, credit, micro-insurance and smart budgeting, the goal is to drive sustainable change for consumers and businesses across Southeast Asia.
For more information, please contact press@bigpayme.com