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KUALA LUMPUR: AirAsia Bhd’s digital wallet provider BigPay Later Sdn Bhd and seven other companies received approval to operate online money loan businesses and provide online loans, the Housing Ministry and local government said today.
The other companies are Axiata Digital Capital, Grabfin Operations, GHL Payments, Presto Credit, JCL Credit Leasing, Fortune Tree Capital, and Hoop Fintech.
All eight companies are classified as “licensed community credit” businesses by the ministry, which governs the money lending business.
The approval was announced during a virtual session on the ministry’s online money lending guidelines, launched by the minister, Zuraida Kamaruddin.
AirAsia Group CEO Tony Fernandes later said that he hoped the financing would give people the opportunity to do business and have a decent life.
“In this period of the Covid-19 pandemic, this financing will be available to the B40 group (and) the goal is to try to get the loans approved in minutes,” he told Bernama. He said that although the B40 would be the biggest beneficiary of the approval, the funding would also be available to other groups.
The guidelines were developed for the implementation of online money loan transactions by community credit companies licensed under the local government ministry, and to reduce the digital technology gap, as well as to facilitate the implementation of community credit transactions from in accordance with the requirements and environment of the new standards. .
It is also an effort by the ministry to modernize the money lending business (now called community credit) and create a more conducive, safe, controlled and orderly money lending business environment.
