While it did get into the digital bank license shortlist that Bank Negara Malaysia put together last year, Capital A muscled its way into this sector via its new partnership with UnionDigital Bank.
It also opens the way for BigPay to rollout into the Philippines.
This arrangement with the digital bank subsidiary of Philippines’ Union Bank includes three businesses within the Capital A holdings – AirAsia, airasia Superapp, and BigPay. Each unit from Capital A will play a role in this partnership with UnionDigital Bank as Capital A aims to deliver a seamless and enriched travel experience for its customers.
This is especially true for frequent fliers on AirAsia and super-users of both airasia Superapp and BigPay.
UnionDigital Bank will provide the embedded finance functions for both the airasia Superapp and BigPay in this partnership, re-defining the way their users will travel and manage their finances.
This synergy between the two will provide AirAsia customers with more flexible payment options, such as ‘Fly Now, Pay Later’ feature, exclusive co-branding offers, and enhanced functions that will, according to the press release, “progressively shift the way customers plan and pay for their flights and other travel-related services.”
“(This partnership) will make (digital financing and) fintech services more conveniently accessible to Filipinos.”
For Tony Fernandes, CEO, Capital A, the main goal is to chart towards a future where travelling can be paired with innovative financial solutions. “(This ties directly into) the vision of providing low cost and best value services that connects people and helps realise dreams for all in ASEAN and beyond,” he shared.
The collaboration demonstrates the dedication of UnionDigital Bank and Capital A to drive positive change, leveraging on powerful synergies that will empower and uplift the lives of Filipinos.
“This is a pivotal moment for the two important sectors in the Philippines. We are forging a path towards greater convenience, accessibility, and innovation to empower Filipinos to live better lives,” said Henry Aguda, President and CEO, UnionDigital Bank.
This parentship also enabled BigPay to solidify its expansion into the Philippines as it will directly engage and offer its customers secure and frictionless financial services. At the same time, it will drive forward its agenda to improve the financial health and management for all Filipinos.
“As tourism flourishes in the region, we are excited to elevate the end-to-end travel and payment experience of Filipinos through our collaboration with UnionDigital Bank and AirAsia. Through this partnership, BigPay is one step closer to making our financial services highly accessible in the Philippines, with the mission of empowering people to level up their lives, one transaction at a time.” added Zubin Rada Krishnan, CEO, BigPay.
More details about the rollout of BigPay in the Philippines, the updates on the airasia Superapp, and the ‘Fly Now, Pay Later’ option will be shared in the coming weeks. Those who want to learn more about this new partnership between Capital A and UnionDigital Bank can head over here.