AirAsia unit among 8 firms approved as online moneylenders

KUALA LUMPUR: Bhd’s digital wallet provider BigPay Later Sdn Bhd and seven other companies have been granted approval to operate moneylending business and provide online loans, the ministry of housing and local government said today.

The other companies are Axiata Digital Capital, Grabfin Operations, GHL Payments, Presto Credit, JCL Credit Leasing, Fortune Tree Capital and Hoop Fintech.

All eight companies are classified as “licensed community credit” companies by the ministry, which governs the moneylending business.

The approval was announced during a virtual session on the ministry’s online moneylending guidelines, launched by the minister, Zuraida Kamaruddin.

Group CEO Tony Fernandes later said he hoped that the financing would provide people the chance to do business and have a decent life.

“In this Covid-19 pandemic period, this financing will be available to the B40 group (and) the aim is trying to get loans approved in minutes,” he told Bernama. He said although the B40 would be the biggest beneficiary from the approval, the financing would be available to other groups as well.

The guidelines were developed for the implementation of online moneylending transactions by licensed community credit companies under the local government ministry, and to narrow the digital technology gap as well as facilitating the implementation of community credit transactions in line with the new norm requirements and environment.

It is also an effort by the ministry to modernise the moneylending business (now called community credit) and create a more conducive, secure, controlled and orderly moneylending business environment.

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