Malaysia's AirAsia applies for digital banking license

Malaysian budget airline AirAsia Group said Thursday its fintech unit has bid for a digital banking license in the country as part of a consortium. BigPay, the unit, has partnered with Malaysian Industrial Development Finance Berhad - a unit of the country’s largest asset manager Permodalan Nasional Bhd - and private equity firm Ikhlas Capital. Singapore-based Ikhlas was founded by Nazir Razak, the former chairman of CIMB Group Holdings. The consortium also includes a foreign conglomerate with fintech expertise, AirAsia said. Citing sources, Reuters reported earlier on Thursday that AirAsia and its partners were among the bidders for up to five digital banking licences that the Malaysian central bank has said it will issue by early 2022. <br/>