“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.
BigPay discloses BigPay Malaysia Sdn Bhd (in-house) / BigPay Singapore Pte Ltd (in-house) as its banking provider, according to the Embedded Finance Index 2026.
BigPay does not disclose a bank charter of its own; its banking services are provided through BigPay Malaysia Sdn Bhd (in-house) / BigPay Singapore Pte Ltd (in-house).
BigPay processes payments through BigPay Wallet (self-operated) and DuitNow QR.
BigPay uses BigPay (self-operated) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 6 layers in BigPay's stack: Payments / PSP (BigPay Wallet (self-operated) and DuitNow QR); Banking / BaaS (BigPay Malaysia Sdn Bhd (in-house) / BigPay Singapore Pte Ltd (in-house)); Card issuing (Thredd); Card network (Visa); Lending (BigPay Personal Loans and Big Pay Later); FX & payouts (BigPay (self-operated)).
BigPay is founded in 2017 and headquartered in Kuala Lumpur, Malaysia.
BigPay has raised Up to $100M (2022) in total (latest round: Debt/equity facility up to US$100M).
Get a read on where your own stack stands against BigPay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.