Capital A’s fintech arm, BigPay, is making a foray into the cryptocurrency space. Source: AFP
- Malaysia-based fintech company, BigPay, has partnered with Singapore-based crypto payment company TripleA, to launch its crypto top-up feature.
- Users can seamlessly convert their crypto assets into cash to spend through their BigPay debit card.
- At the moment, Bitcoin, Ethereum, USD Coin and Tether are the accepted cryptocurrencies, with plans to expand the accepted currencies.
BigPay, the fintech arm of Asia’s leading low-cost airline AirAsia, has made its foray into the cryptocurrency space through a partnership with Singapore-based crypto payment company TripleA. Southeast Asia’s challenger bank has announced its latest feature – Crypto Top-Up – allowing its users to seamlessly convert their crypto assets into cash to spend using their BigPay debit cards.
In a statement to the media, BigPay laments currently accepted cryptocurrencies to recharge are Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT), with plans to expand accepted currencies in the near future. The latest feature complements BigPay’s two existing top-up methods – credit and debit cards. “BigPay’s launch of the new feature will be a seamless conversion process that does not incur hidden fees for the user, as seen in many crypto-to-fiat transactions,” the company said on Thursday.
“We believe in a regulated financial system that makes the most of crypto and traditional finance – to increase efficiency and end-user value. We want to enable users to interact with digital assets in a safe and secure manner and facilitate global interoperability,” said BigPay CEO and co-founder Salim Dhanani.
The collaboration with Triple A allows BigPay to tap into the premier’s more than 300 million crypto owners around the world. “With the addition of this new payment method, we are also excited to continue enabling accessible and seamless digital financial services for BigPay customers.” TripleA CEO Eric Barbier noted.
Just recently, BigPay added three new services to its Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS) for Account Issuance Service, Domestic Money Transfer and issue of electronic money in Singapore. Under the Payment Services Act 2019, BigPay said it was licensed as an MPI to carry on business of cross-border money transfer service, and now account issuance service, domestic money transfer and e-money issuance.
As BigPay claims, the company has more than doubled its user base in Singapore throughout this year and will further accelerate its growth with the issuance of the three new licenses. The company said it currently holds four of the seven key regulated businesses under the licensing framework.
Earlier this year, Bigpay, after almost a year of delay, finally enabled cashless and contactless QR payments on its app, completing its offer as an electronic wallet player. The fintech platform was also one of the contenders for the digital banking license in Malaysia, but failed to make it out.
Over the past five years, BigPay claimed to have helped over two million Malaysians access digital financial services while successfully adding a range of regulated financial products in addition to the e-money account, such as international money transfers, micro-insurance and, recently, digital personal loans.
Dashveen writes for Tech Wire Asia and TechHQ, providing research-based commentary on the exciting world of technology in business. Previously, she reported from the field of Malaysia’s rapidly changing political arena and stock market.
