← Embedded Finance Index 2026

BigPay

“Can AirAsia's e-money wallet evolve from a cheap-FX travel card into Southeast Asia's leading consumer neobank across wallet, remittance, credit, and insurance?”

Founded2017
HQKuala Lumpur, Malaysia
Total raisedUp to $100M (2022)
Latest roundDebt/equity facility up to US$100M
IndustryFintech / Neobank
The story

Founded 2017 as AirAsia's challenger to Southeast Asian banks, BigPay began as a prepaid Visa/Mastercard travel card paired with a mobile wallet, targeting price-sensitive cross-border spenders in Malaysia. It has since broadened into a multi-product neobank — adding international remittance, QR/DuitNow payments, savings 'Stashes', personal loans, BNPL ('Big Pay Later'), and embedded insurance — while operating as an e-money issuer rather than a chartered bank in both Malaysia (BNM) and Singapore (MAS). The company is a subsidiary of Capital A (parent of AirAsia) and PitchBook lists it as pending M&A.

Last 12 months
—
Product timeline
0
Launched BigPay Personal Loans (100% digital) and Big Pay Later· lending
2017
BigPay launched in Malaysia by AirAsia (Capital A) as a prepaid card and mobile wallet· banking
2020
Expanded to Singapore with MAS-licensed entity issuing prepaid cards under Visa· banking
2022
Raised up to US$100M to fund regional expansion and product diversification· funding
2023
Selected Thredd as payment processor to power card processing across Southeast Asia· card
2024
Launched 'Save To Travel Stash' savings feature with round-ups· banking
Regulated entities
2
regulatory licences held by BigPay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in BigPay’s embedded-finance stack
Payments / PSP
BigPay Wallet (self-operated)DuitNow QR
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
7 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.