Rahmat Lim & Partners advised South Korean conglomerate SK Group on the investment in BigPay.
BigPay, the fintech unit of airasia Digital, has raised up to US$100 million in financing from SK Group, the third-largest conglomerate in South Korea by asset size.
This is the first time any portfolio company within airasia Digital has secured financing of this size.
The funding comes a few weeks after BigPay announced its application for a digital banking license in Malaysia with a consortium of strategic partners that include Malaysian Industrial Development Finance Berhad (MIDF), Singapore-headquartered Ikhlas Capital and a foreign conglomerate with fintech expertise.
BigPay, founded in founded in 2017, is present in both Malaysia and Singapore. Its current offering includes a prepaid debit card that can be used anywhere Visa or Mastercard is accepted, local and international money transfers, micro-insurance, bill payments and a budgeting tool. In the coming months it will add new services including responsible credit and micro savings.
SK Group, South Korean conglomerate corporation, is composed of 95 subsidiary companies that share the SK brand name and the group’s management culture, named SKMS (SK Management System).
The RL&P team comprised of Partners Chia CHee Hoong (Picture) and Ang Sinn E.
Law Firms: Rahmat Lim & Partners;
Clients: SK Group;