AirAsia partners RinggitPlus to expands its financial services

by AFIQ AZIZ / pic by TMR FILE

AIRASIA Group Bhd has partnered with financial comparison website RinggitPlus.com to expand its financial services via “AirAsia Money”.

AirAsia group CEO Tan Sri Tony Fernandes (picture) said the platform is embedded into the company Airasia super app – a one-stop centre which was launched in October last year, combining 15 types of products and services for travelling, e-commerce and fintech.

Fernandes said the group will leverage its 65 million customer base on the new platform, which provides an affordable and comprehensive comparison of financial products and services.

He said through AirAsia Money, users can access the platform for the best personal finance news, information, guidance and make the best choices for their immediate needs.

Additionally, the collaboration with fintech players like RinggitPlus will also help the platform to grow, noting RinggitPlus has over one million unique users on a monthly basis.

“We launched the Airasia super app last year to be the fastest-growing super app in ASEAN, and as we continue to innovate, today we are proud to introduce a new vertical within the AirAsia super app – Airasia Money,” he said in a media briefing after launching Airasia Money in Kuala Lumpur last Friday.

In 2018, Airasia entered the fintech industry with BigPay, with an aim to continue innovating and staying relevant in the market.

The company diversified further last year into e-commerce platforms, amid the Covid-19 crisis, which caused severe disruption to AirAsia’s core business of flying.

“Now, we are introducing Airasia Money, whose financial marketplace will be the aggregator that will help our customers towards financial freedom.

“The financial marketplace, nested within our super app, will be the one-stop financial centre for all our customer’s needs, starting with Malaysia and followed by other ASEAN countries, including Indonesia in the second quarter this year (2Q21), the Philippines in 3Q21, and Thailand 4Q21,” he added.

Fernandes also noted that the company is also waiting for its payment feature BigPay to earn a digital banking license, which will allow more integration features into the super app.

Currently, AirAsia Money financial marketplace also offers credit card and personal loans in partnership with RinggitPlus.

“We are thrilled to continue disrupting the industry and partnering with RinggitPlus, Malaysia’s leading financial platform, to kickstart our financial marketplace to offer greater and more affordable access to financial products and services.

“AirAsia money serves as an aggregator, bringing the best-matched options for our customer’s needs and helping them finance or achieve them.

“We look forward to playing a key role in driving financial inclusion in ASEAN and supporting millions of customers across the region,” said Fernandes.

Going ahead, Airasia money head Mohamad Hafidz Mohd Fadzil said the company is looking to expand the app into the region and tapping the Singapore market by early 2022.

“Singapore is highly regulated but the republic is also a mature market. As for them  a lot of this (innovation) is already done.

“When you look at the financial awareness, or financial health Singapore probably leads a little bit. A lot of the consumers are more affluent and more informed. There are also a lot of financial players or centres,” he said.

“We will start with Malaysia because it is a stronghold of RinggitPlus but we will look at what is needed in the market.

“If there is somebody else there and RinggitPlus is not ready to go, we will probably work with another partner to deliver a similar proposition that will be customised for that specific market,” Mohamad Hafidz said.

“Financial marketplace is our new consumer fintech offering within our AirAsia super app that gives our banked and underbanked customers a comparison of bite-sized financial solutions,” he added