BigPay, a venture company under Capital A Bhd, has officially unveiled its fully digital personal loan facility, fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT). The first of its kind in Malaysia, the product is issued by BigPay Later, a wholly owned subsidiary within the BigPay group and digital money lending license holder.
Originating as an eWallet accommodated with a physical prepaid card, BigPay is said to offer competitive interest rates which are lower than standard credit card rates and is easier to apply for with it being an all-digital process.
Customers will be able to use the in-app loan calculator to generate a quote by just filling in their personal details and apply for instant loans of up to RM5,000 within minutes and instalments up to 12 months, with no paperwork required.
“We have always been committed to democratising financial services through accessibility and education across South-East Asia,” said BigPay CEO and co-founder Salim Dhanani.
“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.”
Speaking on the occasion, Capital A CEO Tan Sri Dr Tony Fernandes shared on BigPay’s capability to leverage Capital A’s rich database and shared ethos with the Group on it’s motivation to focus on ‘affordability, accessibility as well as inclusivity’.
“We are excited that we can disrupt once again and give the common man, from small and medium enterprises, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services,” said Capital A CEO Tan Sri Dr Tony Fernandes.
The product is currently available to selected users and will be rolled out to more of the public gradually.