AirAsia launches airasia money, partners with RinggitPlus to provide in-app loan application services

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KUALA LUMPUR (April 23): AirAsia Bhd has expanded its airasia super app to provide financial products and services under the “airasia money” banner, starting with a partnership with financial comparison platform RinggitPlus.

Through its partnership with the platform, airasia money currently provides credit card and loan application services. The Financial Market will also allow users to get the best personal finance news, information and advice and make the best choices for their immediate needs.

The launch of airasia money today, said Tan Sri Tony Fernandes, Managing Director of AirAsia Group Bhd, marks the final piece of the airasia super app puzzle, a concept that has been pushed aggressively since October 2020.

“airasia money is the third vertical after travel and e-commerce. He is [the] last piece of our app, and with that, the blueprint for our digital app is pretty much complete and is expected to grow more and more in the future,” Fernandes said at the launch today.

Targeting millennials, the platform will soon also include a range of other financial products for insurance, investments, recharges, game credits, as well as other services including remittances and payments. zakat, said airasia money official Mohamad Hafidz Mohd Fadzil.

“Elsewhere, the expertise provided by other platforms has been very product specific, being [it] loans, insurance, etc., as opposed to a channel that offers simplicity and bundled proposals.

“There must be something for everyone with Airasia money,” said Mohamad Hafidz. “The goal is to provide small-scale financial solutions that are curated through fintech assets as well as external strategic partners like RinggitPlus,” he said.

“As AirAsia was democratizing the airline industry, we at RinggitPlus talked about democratizing the financial industry, to offer banking and insurance products that anyone could apply,” said the co- founder and CEO of RinggitPlus, Siew Yuen Tuck.

“The opportunity to bring the two brands together with a common vision to help Malaysians make better financial decisions and easier access to financial products is truly a dream come true, and we thank the AirAsia team for having made this possible,” Siew said.

Following today’s launch in Malaysia, airasia money is also expected to launch in Singapore in 2Q21, the Philippines in 3Q21 and Thailand in 4Q21 with localized offerings that meet the different needs of different markets, said Mohd Hafidz. AirAsia’s other financial services include e-wallet platform BigPay and Tune Insurance under sister company Tune Protect Group Bhd.

At the time of writing, AirAsia was down two sen or 2.2% at 89 sen, valuing the group at RM3.39 billion.

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