KUALA LUMPUR, Nov 13 — AirAsia Bhd’s digital wallet provider BigPay Later Sdn Bhd, along with seven other "licensed credit community” companies, has obtained the approval of the Ministry of Housing and Local Government (KPKT) to provide online loans.

The approval was announced during the ministry’s online money lending guidelines virtual session which was launched by its minister, Zuraida Kamaruddin, today.

The seven other companies are Axiata Digital Capital Sdn Bhd, Grabfin Operations (M) Sdn Bhd, GHL Payments Sdn Bhd, Presto Credit Sdn Bhd, JCL Credit Leasing Sdn Bhd, Fortune Tree Capital Sdn Bhd and Hoop Fintech Sdn Bhd.

AirAsia Group chief executive officer Tan Sri Tony Fernandes said the approval was a lifeline to BigPay and he hoped that it would provide people the chance to do business and have a decent life.

"In this Covid-19 pandemic period, this financing will be available to the B40 group (and) the aim is trying to get loans approved in minutes,” he told Bernama.

He said although the B40 would be the biggest beneficiary from the approval, the financing would be available to other groups as well.

"It is a great technology that enables people to get the best rates. We hope AirAsia.com becomes not just your place to buy AirAsia flights; we’re building a super app.

"We’re adding more and more services, a one-stop shop — we have fintech, e-commerce, and we have some other products coming along,” he added.

The guidelines were developed for the implementation of online money lending transactions by licensed community credit companies under KPKT and to narrow the digital technology gap as well as facilitating the implementation of community credit transactions in line with the new norms requirements and environment.

It is also an effort by the ministry to modernise the money lending industry (community credit) in line with the industry's rebranding efforts and create a more conducive, secure, controlled and orderly money lending business environment. — Bernama