BigPay is accelerating its entrance into Thailand following Airasia’s recent acquisition of Gojek’s Thailand business through its digital arm in a deal worth RM208 million (US$50 million).
This move comes ahead of AirAsia‘s plans to launch a super app in early August.
According to The Edge, AirAsia Group’s Chief Executive Officer Tan Sri Tony Fernandes said that “Gojek’s investment is valued at US$40 million while GoPay’s is at US$10 million, and these will be transferred into shares for the AirAsia Super App, which is valued at US$1 billion”.
This will mean that the Indonesian ride-hailing app will hold a 4.76% stake in the app following the stock swap.
Provided that it receives the necessary regulatory approvals, BigPay is aiming to go live in the first quarter of 2022.
Both parties will be working closely together with the Bank of Thailand in order to ensure a smooth transition while GoPay winds down its operations in Thailand.
BigPay said that its goal is to launch with all of its core features, from payments to international remittance, but also to fully localise its user experience to appeal specifically to Thai consumers.
The firm had also announced last week that it had applied for a digital banking license in Malaysia with a consortium of strategic partners.
Since 2017, BigPay has launched a number of regulated financial products, from e-money and international remittance to micro insurance and budgeting.
Available in Malaysia and Singapore, BigPay is now continuing its expansion throughout ASEAN.
Salim Dhanani, CEO & Co-Founder of BigPay said,
“We’re committed to enabling access for financial services for everyone across Southeast Asia. We have a unique opportunity to enter into Thailand at an accelerated pace. We’re excited to be given the opportunity to enter such a unique and connected market.
Aireen Omar, President of AirAsia Digital added,
“The acquisition of Gojek and GoPay in Thailand has accelerated the launch for all our companies into the market. What Gojek has already achieved through its expansion of GoPay in Bangkok can be leveraged and we can take it to new boundaries to deliver greater convenience for the people of Thailand”
Featured image: Bigpay image screengrab from AirAsia; Thailand image from Unsplash
