BigPay to Roll Out Fully Digital Loans Regulated by KPKTMarch 3, 2022 0 comments
BigPay, a Capital A venture company and digital bank aspirant, announced the launch of its fully digital loans issued by “BigPay Later”, a wholly owned subsidiary within the group and a digital money lending license holder.
The personal product issued by BigPay Later is fully regulated by Malaysia’s Ministry of Housing and Local Government (KPKT).
This is BigPay’s first personal loan product offering which is currently available to selected users and will be progressively rolled out to more users.
BigPay said it it offers competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all digital process.
Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply.
Additional documents are not usually required and the application can be approved within minutes.
Additionally, there is a loan dashboard features a repayment schedule with a transparent breakdown of repayment installments and an auto-payment option to prevent users falling behind on repayments.
Since its inception in 2017, BigPay has continuously added multiple regulated financial products to its offerings, including an e-money account, international remittance, micro-insurance and budgeting.
BigPay Later was named one of the eight companies in Malaysia to receive a provisional license for online money lending by the KPKT.
Earlier today, GHL announced that it had also received the necessary approvals to roll out its digital lending offering.
Salim Dhanani, CEO and Co-Founder of BigPay said,
“We believe that the launch of our personal loans product is unique with the level of transparency, the ease of use and the way in which we do our credit scoring that doesn’t only look at the history of past loans, but also at customer behavior.
The launch of the personal loans product brings us one step closer to bridging the financial inclusion gap.”
Tony Fernandes, CEO of Capital A said,
“We are very proud of BigPay Later’s launch of the first digital personal loans product. BigPay has the ability to leverage Capital A’s rich database and customers that have strong loyalty to our brands.
We are excited that we can disrupt once again and give the common man, from SMEs, small entrepreneurs to the mass public, the same accessibility to easy, simple loans and other outstanding financial services.”
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