24th February 2022 - 2 min read
BigPay has teased the arrival of a new digital personal loan product, which is slated to be introduced next week.
Based on a teaser image shared, the new product is said to be the first fully digital personal loan in Malaysia, offering near instant approvals in as fast as five minutes. No documents are required during the application process, and the app will also provide monthly reminders to prompt borrowers to make their repayments on time – presumably within the app.
Aside from these info, not much else were shared, but further details are expected to be revealed soon as BigPay will be offering a closer look into their new product in the upcoming week.
BigPay’s move into the money lending business was made possible after being awarded a provisional licence for lending from the Ministry of Housing and Local Government (KPKT) back in November 2020. With this licence, BigPay is allowed to provide online loans with a low interest rate. Back then, the chief executive officer of BigPay’s parent company Capital A, Tony Fernandes had said that although these loans will be available to the masses, they will benefit the B40 group in particular.
BigPay is also one of the contenders for the five digital banking licences offered Bank Negara Malaysia (BNM). Additionally, it has secured financing to fuel its ambition to eventually become a challenger bank across Southeast Asia.
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