by SHAFIQQUL ALIFF / pic by TMR FILE

BIGPAY, a digital bank based in Malaysia, has been ranked as the most-searched for digital bank in the country, according to a research by the UK finance publication Business Financing.

From a comprehensive list of digital banks, BigPay ranked number one in Malaysia based on keywords and Google search data.

CEO and co-founder of BigPay Salim Dhanani said over the last four years, the firm has helped more than 1.9 million Malaysians improve their financial health.

It worked to launch regulated financial products that are not only simple and convenient, but that also have transparent fees and are accessible to everyone.

“We are humbled to be recognised as a leading fintech company as we further accelerate financial inclusion in Malaysia,” he said in a recent statement.

BigPay currently offers a prepaid debit card that may be used anywhere Visa or Mastercard is accepted, as well as local and international money transfers, micro-insurance, bill payment, and a budgeting tool.

BigPay will launch a number of new services in the coming months, including responsible credit, micro savings, and an offering for MSMEs and freelancers.

BigPay has raised US$100 million in funding from South Korean conglomerate SK Group in August to boost its expansion and ambition of becoming Southeast Asia’s largest challenger bank.

A study on digital banks in Malaysia by Bain & Company, found that there are currently more than 1.9 million Malaysians who are unbanked or underbanked.

The research also indicated that over 74% of Malaysians are aware of digital banking and 66% are keen on adopting such services into their daily lives as the Covid-19 pandemic has been a catalyst for the digital transformation of banking and financial services.

Meanwhile, the executive chairman of AirAsia Group Datuk Kamarudin Meranun said they are committed to providing the best financial services to the underserved.

“As a portfolio company of AirAsia, BigPay shares the same ethos of bringing democracy to financial services and creating digital products that are inclusive, affordable and accessible for the people of Asean.

“I am proud that BigPay has essentially been recognised as the most popular digital bank in Malaysia,” he said.