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

KUALA LUMPUR, March 3 – Capital A Bhd’s venture capital firm, BigPay, has unveiled its first personal loan facility as part of its funding offering in Malaysia.

The product is launched under BigPay Later Sdn Bhd, a wholly owned subsidiary of the BigPay Group and licensee of digital money lending. The product is currently available to selected users and will gradually be rolled out to more and more people.

BigPay CEO and co-founder Salim Dhanani said the launch of the personal loans product brings the fintech group one step closer to closing the financial inclusion gap.

“Many underserved demographic groups in Malaysia do not have access to the credit they need because they do not have the generally ‘acceptable’ credit history that is required by traditional banks – this has a direct impact on the ability to build a long-term financial position,” he said in a statement today.

Capital A CEO Tan Sri Tony Fernandes said BigPay has the ability to leverage its rich database and strong customer loyalty to its brands.

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

The personal loans on offer come with lower interest rates than standard credit cards and are easier to apply for, as it is a completely 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 product is fully regulated by the Department of Housing and Local Government.

Available on the BigPay app, the loans dashboard features a repayment schedule with a transparent breakdown of repayment installments and an autopay option to prevent users from falling behind on repayments.

BigPay offers several regulated financial products, including e-money account, international money transfers, micro-insurance, and budgeting. — Bernama