The Ministry of Housing and Local Government (KPKT) has granted approval to eight companies to provide online loans to the public.
Classified by KPKT as “licensed community credit” companies, Zuraida Kamaruddin during the online money lending guidelines virtual session approved eight companies including AirAsia’s new entity BigPay.
“Yesterday delivery man. Today finance man,” Tony Fernandes
AirAsia Group CEO, Tony Fernandes shared on Instagram that BigPay has received provisional license for lending after he posted a picture of him standing next to an AirAsia delivery bike while holding a helmet with the caption “Getting ready to make food deliveries to your house.”
According to him, the approval to provide online loans will soon enable users to get fast loans at low interest rates. He also hoped that the financing will provide people with the chance to do business and have a decent life.
BigPay financing will be available to the B40 group
Moreover, the BigPay financing will be available to the B40 group and the aim is to try to get loans approved within minutes. Although B40 would be the biggest beneficiary from the approval, the financing will also be made available to other groups as well.
The list of all eight companies that are approved to provide online loans by KPKT are:
Apart from BigPay, the Ministry has also approved seven other providers namely:
- Grab’s financial unit GrabFin Operations (M) Sdn Bhd
- Axiata Digital Capital Sdn Bhd
- Presto Credit Sdn Bhd (manages PrestoPay, an e-wallet within e-commerce platform PrestoMall)
- GHL Payments (a leading service provider in ASEAN)
- JCL Credit Leasing (Japanese-owned financial services firm that provides personal and business loans, credit sales and insurance sales)
- Fortune Tree Capital (online trader and money-lender)
- Hoop Fintech (fintech company that offers solutions including micro-lending and crowdfunding)
With the implementation of online money lending by licensed community credit companies under KPKT, the Ministry hopes to modernise the money lending industry to create a more conducive, secure, controlled and orderly money lending business environment.