“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?”
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.