The product is launched under BigPay Later Sdn Bhd, a wholly-owned subsidiary within the BigPay group and a digital moneylending licence holder. The product is currently available to selected users and will be progressively rolled out to more and more people.

BigPay chief executive officer and co-founder Salim Dhanani said the launch of the personal loan product brings the fintech group one step closer to bridging the financial inclusion gap.

“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,” he said in a statement today.

Capital A chief executive officer Tony Fernandes said BigPay has the ability to leverage its rich database and customers that have a strong loyalty to its brands.

“BigPay shares the same ethos and principles as Capital A and AirAsia: focusing on affordability, accessibility as well as inclusivity,” he said.

The personal loans offered are pegged with lower interest rates compared with standard credit card rates and are easier to apply for with it being an all-digital process.

Users can also generate an instant quote using the in-app loan calculator to ensure affordability, and their application can be approved within minutes.

The personal loan product is fully regulated by the housing and local government ministry.

Available on the BigPay app, the loan dashboard features a repayment schedule with a transparent breakdown of repayment instalments and an auto-payment option to prevent users from falling behind on repayments.

BigPay offers multiple regulated financial products including e-money account, international remittance, micro-insurance and budgeting.