PETALING JAYA: Capital A Bhd’s fintech unit BigPay, through wholly owned subsidiary BigPay Later, has unveiled fully digital personal loans alongside a suite of financial services offerings.
BigPay Later, which holds a digital money lending licence, yesterday launched its first personal loan product BigPay Later Personal Loans, which is currently available to selected users and will be progressively rolled out to more people.
BigPay CEO and co-founder Salim Dhanani believes the pandemic has underlined the need for easy-to-use financial solutions.
He said that many Malaysians who fall under the underserved demographics lack access to credit as they do not have an “acceptable” credit history typically required by traditional banks, which affects their ability to build long-term financial standing.
“We believe that the launch of our personal loan product is unique with the level of transparency, the ease of use and the way in which we do our credit scoring that doesn’t only look at the history of past loans, but also at customer behaviour,” Salim said, adding that the launch of the personal loan product brings it one step closer to bridging the financial inclusion gap.
Capital A CEO Tan Sri Tony Fernandes said BigPay has the ability to leverage Capital A’s rich database and customers who have strong loyalty to its brands.
“We can disrupt once again and give the common man – from SME, small entrepreneurs to the mass public – the same accessibility to easy, simple loans and other outstanding financial services.”
It disclosed that the personal loans offered by BigPay Later have competitive interest rates which are lower than standard credit card rates and are easier to apply for, with it being an all-digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their personal details via the app to apply. Additional documents are not usually required and applications can be approved within minutes.
The product is fully regulated by the Ministry of Housing and Local Government and is available on the BigPay app. Among the features of the product are loan repayment schedule along with a detailed breakdown of repayment instalments on the loan dashboard as well as an auto-payment option.
