BigPay
BigPay is a Southeast Asian fintech operating a mobile digital wallet and Visa prepaid card platform across Malaysia, Singapore, and Thailand. Founded in 2017 as an AirAsia venture, it serves consumers with payments, international remittances to 45+ countries, savings, and personal loans.
- Company typePrivate
- Founded2017
- HeadquartersSingapore, Singapore
- Headcount251–500
- GTM typeB2C
- OfferingServices
What BigPay does
BigPay is a Southeast Asian fintech founded in 2017 as a venture of AirAsia (now subsidiary of Capital A Bhd) that operates a mobile-first digital wallet and prepaid Visa card platform serving consumers across Malaysia, Singapore, and Thailand. The core product is a free digital wallet app offering physical and virtual Visa prepaid cards accepted at 40 million+ merchants globally, with multi-currency support, instant peer-to-peer transfers between Malaysia and Singapore, international remittances to 45+ countries, DuitNow QR payments, and supplementary modules including budgeting/analytics, savings sub-accounts (Stashes with round-up functionality), and personal loans (including Shariah-compliant Personal Financing-i via Bank Rakyat). The underlying technology integrates with Visa, Mastercard, DuitNow (Malaysia's national QR standard), Alipay+ (48 destinations), UnionPay, and UnionPay/Thredd for card processing — with the latter having completed a full migration of 2.5 million cards to a next-generation platform in November 2025.
The business model is freemium and transaction-based: there are no account fees, annual fees, or subscription costs, and revenue is generated through ATM withdrawal fees (RM6 local / RM10 overseas), foreign exchange margins (up to 1%), cross-border transaction fees (0.5%), international remittance fees (RM0.50–RM22 by destination), cash top-up fees (RM1+2%), and affiliate revenue from the AirAsia ecosystem (AirAsia Points earning, exclusive 5% flight discounts, AirAsia MOVE checkout integration). The go-to-market is product-led growth via self-serve mobile app downloads on iOS and Android, with the AirAsia partnership providing a high-leverage acquisition channel into the travel and migrant-worker segments of Southeast Asia. The company is regulated by Bank Negara Malaysia and the Monetary Authority of Singapore and is PCI DSS compliant.
BigPay has reached material scale — over 1 million users in Malaysia within its first two years, 2.5 million cards in circulation, ranking as Malaysia's 4th most funded fintech (~RM 475M / ~US$100M raised), and recognition as Malaysia's most-searched digital bank in 2021. However, the company is undergoing significant structural change in 2026: senior leadership departures across the C-suite and engineering leadership (CEO Zubin Rada Krishnan, CISO Angus Thorn, CPO Monica Millares), a Singapore High Court-ordered seizure of the 99.56% Capital A stake in June 2026 to enforce a US$14.7M arbitration award, and parent Capital A's stated plans to sell a majority stake to a regional bank while retaining 30%.
BigPay firmographics
Firmographics- Name
- BigPay
- Legal name
- BigPay Malaysia Sdn Bhd
- Website
- https://bigpayme.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- BigPay is a Southeast Asian fintech operating a mobile digital wallet and Visa prepaid card platform across Malaysia, Singapore, and Thailand. Founded in 2017 as an AirAsia venture, it serves consumers with payments, international remittances to 45+ countries, savings, and personal loans.
- Ownership category
- akta.pro rank
BigPay industry classification
Industry- Product category
- Consumer Digital Wallet and Prepaid Card
- NAICS
- Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Sales Financing (52222)
- SIC
- Finance Services (6199), Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)
- akta.pro secondary industries
- QR Code Payments Wallets (FSAMAEAC), Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH)
Keywords
Where BigPay is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices4 records
Markets served
BigPay business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Card Transaction Fees: Fees from ATM withdrawals (RM6 local, RM10 overseas), currency conversion (up to 1%), cross-border transactions (0.5%)
- International Remittance: Fixed-fee international transfers to 45+ countries (fees range from RM0.50 to RM22 depending on destination)
- Reload/Top-up Fees: Cash top-up fees of RM1+2% of reload value with caps
- AirAsia Partnership Revenue: Revenue from co-marketing with AirAsia including exclusive travel discounts and AirAsia Points earning on transactions
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Digital Wallet - Free Account |
| Freemium | Pay-as-you-go | Virtual Card - Free |
| Transaction based/ take rate | Pay-as-you-go | International Transfers - Country-specific rates |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
BigPay product offering
Product offeringCore offering
BigPay provides a free mobile digital wallet bundled with physical and virtual prepaid Visa debit cards accepted at 40 million+ merchants globally, enabling users to spend, send, receive, and track money. The platform supports QR payments via DuitNow, instant zero-fee peer-to-peer transfers between Malaysia and Singapore, and country-priced international money transfers to 45+ destinations, with personal loans (including Shariah-compliant financing via Bank Rakyat) offered as an additional product.
Product overview
BigPay is an ASEAN fintech company offering a unified digital wallet platform that combines a physical and virtual prepaid debit card (Visa or Mastercard) with a mobile app for spending, saving, budgeting, and international money transfers. The core product is the BigPay Digital Wallet and accompanying BigPay Card, supported by a suite of add-on modules including Budgeting and Analytics, Stashes (savings), DuitNow QR payments, and personal loans. The platform is regulated by Bank Negara Malaysia and the Monetary Authority of Singapore, and integrates with international payment networks (UnionPay, Alipay+), national payment rails (DuitNow), and card processing infrastructure (Thredd) to deliver cross-border payments, P2P transfers, and domestic bill payments across Malaysia, Singapore, and Thailand.
Differentiator
Problem solved
Functional benefit
Brands
- Big Pay Later: Personal loans product offering fully digital loan services with money disbursed within minutes
- Save to Travel Stash
- BigPay Visa Card
Products and services
- BigPay Digital Wallet A free mobile digital wallet application enabling individual consumers to spend, send, receive, and track money globally, with QR Pay capability and a linked physical or virtual prepaid debit card. Targeted at retail consumers across Malaysia, Singapore, and Thailand.
- BigPay Physical Debit Card A Visa or Mastercard prepaid debit card accepted at 40+ million merchants globally, supporting contactless payments, ATM withdrawals, and international spending with competitive FX rates. Targeted at individual consumers and travelers across BigPay's markets.
- BigPay Virtual Debit Card A virtual prepaid debit card issued free upon account approval for secure online payments, manageable via the BigPay app with freeze, unfreeze, or replacement capabilities. Targeted at digitally active consumers who shop online.
- International Transfers Cross-border money transfer service enabling transfers to 45+ countries via bank accounts and e-wallets, with transparent country-specific fees and competitive exchange rates. Targeted at migrant workers, remittance customers, and individuals sending money across borders from Malaysia and Singapore.
- BigPay to BigPay Transfers Instant peer-to-peer money transfers between BigPay users in Malaysia and Singapore with zero fees, including split bills functionality. Targeted at individual consumers for personal money transfers and shared expenses.
- Stashes Savings Goal-based savings sub-accounts within the BigPay app, including the Save to Travel Stash variant, with round-up functionality that saves spare change from transactions and scheduled auto-transfer options for travel and other savings goals. Targeted at individual consumers seeking structured savings.
- BigPay Personal Loans (Big Pay Later) Fully digital personal loan product accessible through the BigPay app, with money disbursed within minutes, including Shariah-compliant Personal Financing-i offered via the Bank Rakyat partnership on the BRICK platform. Targeted at individual consumers seeking fast, digital personal financing.
Quantifiable outcome
- Over 1 million users achieved within first 2 years in Malaysia
- +3 more outcomes
Companies that use BigPay
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
BigPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability1 record
Feature5 records
BigPay partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core, minor and flagship.
- Bank RakyatcoreBigPay announced strategic partnership with Bank Rakyat to enable seamless access to Shariah-compliant Personal Financing-i through the BigPay app via BRICK platform.
- NALAcoreAfrican fintech startup NALA partnered with BigPay to expand its cross-border payment solutions across Africa and Asia. NALA received Bank of Ghana approval to operate remittance services in partnership with BigPay, strengthening compliance and local partnerships.
- ThreddcoreThredd completed migration of 2.5 million BigPay cards from legacy platform to its next-generation payments platform. Migration modernized BigPay's payment infrastructure to prevent revenue loss and improve operational efficiency.
- Alipay+coreAlipay+ payments enabled on BigPay app for easy payments in 48 destinations globally. Integration provides expanded international payment acceptance beyond Visa network.
- AirAsia MOVEcoreLaunched Save to Travel Stash feature enabling automatic round-up savings for travel. Partnership with AirAsia MOVE OTA makes utilizing savings for flights more exciting with promotional campaigns.
- Tune ProtectminorPartnership with Tune Protect to offer travel insurance products integrated into the BigPay app for comprehensive travel protection.
- AirAsia MOVEflagshipBigPay and AirAsia strengthened partnership to offer year-long travel discounts starting with 5% off AirAsia flights when paying with BigPay physical or virtual card. Integration links BigPay accounts to AirAsia MOVE for seamless checkout.
- Malaysia Digital Economy Corporation (MDEC)coreSelected as official e-wallet partner for MDEC Geng #SayaDigital-eRezeki programme supporting growth of Malaysia's sharing economy market through digital financial inclusion.
- APE MalaysiaminorPartnership with Animal Projects & Environmental Education to plant 1,000 trees in Borneo supporting reforestation and wildlife conservation efforts.
Scale indicators9 records
Recent moves7 records
Expansion highlights5 records
BigPay competitors and assessment
Company assessmentDirect peers
- Touch 'n Go: Malaysia's leading e-wallet with dominant DuitNow QR presence and a similar prepaid card, payments, and remittance offering. Direct head-to-head competitor for BigPay's Malaysian consumer wallet business.
- Boost (Axiata Digital): Malaysian digital wallet from Axiata serving consumers and merchants with payments, bill pay, and lifestyle offers. Closely comparable product scope and target market to BigPay's Malaysian wallet.
- ShopeePay (Sea Limited): SEA digital payments product tied to Shopee's e-commerce super-app, serving Malaysian, Singaporean, and Indonesian consumers. Comparable in wallet functionality and SEA geographic footprint.
- Wise (TransferWise): Multi-currency account and low-cost international transfer specialist. Highly comparable to BigPay's international remittance corridor (45+ countries) and FX positioning.
Broad incumbents
- Grab Financial / GrabPay: SEA super-app wallet with payments, lending, and insurance embedded in ride-hailing and food delivery. Overlaps with BigPay's wallet and remittance use cases across Malaysia, Singapore, and Thailand with much broader scale.
- Revolut: Global multi-currency digital wallet with prepaid cards, P2P transfers, and travel spend features. Comparable product architecture to BigPay, though at materially larger scale and broader geographic reach.
Emerging players
- Akulaku: SEA-focused fintech combining digital wallet with consumer credit and virtual card products, serving Indonesia and other emerging SEA markets. Comparable on the lending-plus-wallet bundle BigPay is building with Bank Rakyat.
Regional players
- GCash (Globe Fintech Innovations): Philippines' dominant e-wallet offering P2P transfers, QR payments, savings, and credit. Same digital wallet category and SEA remittance relevance as BigPay but primarily serving the Philippines market.
- DOKU: Indonesian payment gateway and digital wallet provider. Comparable in payment-processing scope and SEA remittance participation, though primarily focused on the Indonesian market rather than BigPay's MY/SG/TH footprint.
Others
- Thredd: Next-generation card issuing and payments processing platform that recently migrated BigPay's 2.5M card portfolio. Direct infrastructure dependency rather than competitor, but shapes BigPay's issuing economics and product capability.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
BigPay social profiles
Digital presenceBigPay compliance and trust
Trust signalCompliance2 records
BigPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
BigPay leadership team
Management profileNumber of profiles
Profiles6 records
BigPay funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BigPay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BigPay
What does BigPay do?
BigPay provides a free mobile digital wallet bundled with physical and virtual prepaid Visa debit cards accepted at 40 million+ merchants globally, enabling users to spend, send, receive, and track money. The platform supports QR payments via DuitNow, instant zero-fee peer-to-peer transfers between Malaysia and Singapore, and country-priced international money transfers to 45+ destinations, with personal loans (including Shariah-compliant financing via Bank Rakyat) offered as an additional product.
Is BigPay a public or private company?
BigPay is a private company. It is classified as corporate owned and is currently operating.
When was BigPay founded?
BigPay was founded in 2017. It employs 251 to 500 people.
Where is BigPay based?
BigPay is headquartered in Singapore, Singapore, in the Asia region.
How does BigPay make money?
Four revenue lines are on record. Card Transaction Fees are the primary driver. The others are international Remittance, reload/Top-up Fees and airAsia Partnership Revenue.
Who are BigPay's main competitors?
Direct peers on record are Touch 'n Go, Boost (Axiata Digital), ShopeePay (Sea Limited) and Wise (TransferWise). Broad incumbents are Grab Financial / GrabPay and Revolut. Akulaku is listed as an emerging player. Regional players are GCash (Globe Fintech Innovations) and DOKU. Thredd is listed as an others.
Does BigPay have an API?
No public API is recorded for BigPay.
What industry is BigPay in?
BigPay's product category is Consumer Digital Wallet and Prepaid Card. Its primary akta.pro industry code is FSAMAEAA, General-Purpose Digital Wallets (P2P + Merchant), with a secondary code of FSAMAEAC, QR Code Payments Wallets. Its NAICS code is 522210 and its SIC code is 6199.