Is BigPay profitable in 2024?

No. Per Capital A's Q3 2024 results, BigPay posted RM8.7 million in quarterly revenue against an EBITDA loss of RM21.7 million, a loss narrowing only 2% year over year despite a 26% cut in staff costs.

Did BigPay win a Malaysian digital banking license?

No. When Bank Negara Malaysia awarded five digital banking licenses in April 2022 to Boost-RHB, GXS Bank-Kuok, Sea-YTL, AEON-MoneyLion and KAF, BigPay's consortium, which applied in July 2021, was not among the winners.

Who owns BigPay and is that ownership stable?

Move Digital, a Capital A (AirAsia) subsidiary, holds 99.56% of BigPay. In June 2026 the Singapore High Court ordered that stake seized to satisfy a US$14.7 million arbitration award owed to BigPay's co-founders, leaving ownership unresolved.

Could AI replace BigPay?

Not entirely. BigPay uses Feedzai's AI platform for fraud detection, reporting a 95% detection rate as of May 2026 per Feedzai, but its BNM e-money license and MAS registration provide regulatory cover an AI tool cannot substitute for.

Who is BigPay's biggest competitor?

Malaysia's five newly licensed digital banks, GX Bank, Boost Bank and AEON Bank were operational by January 2024, per Lexology, plus dominant incumbents Touch 'n Go eWallet and GrabPay, all of which BigPay's e-money-only license cannot match in scope.

Is BigPay's parent company AirAsia financially healthy?

Parent Capital A has faced its own well-documented financial distress, reportedly clearing a path to US and Hong Kong listings while exiting a bankruptcy warning as of May 20, 2026, per Skift, raising questions about its capacity to fund BigPay.

Banks and financial groups · subsidiary of Move Digital (Capital A Berhad) · Malaysia

BigPay

bigpay.com ↗

Malaysia digital wallet and prepaid card app under AirAsia's Capital A.

Losing its protection

Assessed 26 July 2026 · Evidence as of 26 July 2026

The structural protection is eroding.

On the recordSince 26 July 2026 · Checkable from H2 2026 (by Dec 2026) · Every call on the record Checkpoint: Singapore High Court resolves seizure of Move Digital's 99.56% BigPay stake

The call

BigPay runs as a capped e-money issuer against four fully licensed digital banks, with its majority stake under court seizure and no new capital since 2021.

BigPay lets people send money and pay bills digitally in Malaysia, but it got stuck as a second-class player. Five rivals won full banking licenses in 2022 (like Grab's GX Bank and Sea's Ryt Bank), while BigPay can only issue electronic money, not take deposits or offer loans. The licensed banks can do everything BigPay does plus much more, making it hard for BigPay to compete. On top of that, BigPay is losing money at three times the rate it brings in revenue, hasn't gotten new funding since 2021, and its owner's stake was seized by a Singapore court in mid-2026 to pay a legal judgment. The one thing that could save it: if a new owner buys in or the court lets the current owner keep control, BigPay could get fresh cash and maybe merge with a stronger player.

Why

AI pressure: None apparent. No AI product targets BigPay directly; its real threat is licensed neobanks with full banking rights, not automation. Could AI do the core job? Only partly.

Bigger players: GX Bank, Boost Bank, AEON Bank, Ryt Bank, KAF. Four licensed digital banks have run since Jan 2024 offering lending and deposits that BigPay's e-money license cannot. Could a giant copy it? Yes, easily.

What protects it. AirAsia travel ecosystem tie-in and a cross-border remittance niche domestic-only wallets and banks don't directly serve.

What would change this call

Singapore High Court's June 2026 seizure of Move Digital's 99.56% BigPay stake resolves within 6 months. Shows whether BigPay gets recapitalized, is sold, or winds down.
Capital A's next quarterly disclosure on BigPay funding commitment and burn rate. Shows whether parent will keep funding BigPay's losses or cut it loose.
GX Bank, Boost Bank, or AEON Bank report user or deposit growth versus BigPay in 2026 filings. Shows whether licensed digital banks are pulling customers away from BigPay.

Key numbers

RM21.7M EBITDA loss vs RM8.7M revenue in one quarter (2024-Q3)
5 digital bank licenses awarded in 2022, none to BigPay (2022-04-29)
US$100M raised Aug 2021, no funding round since (2021-08)

Named risks

Singapore High Court seizure of majority owner's 99.56% stake, unresolved as of June 2026. Severity: high
No new capital raised since August 2021 while sustaining large quarterly EBITDA losses. Severity: high
Lacks full banking license held by five domestic rivals since April 2022. Severity: high
Parent Capital A's own financial distress and bankruptcy-warning history could limit funding support. Severity: medium
Disclosed fraud incident in Q3 2024 with ongoing legal recovery efforts. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
GX Bank (Grab-Singtel/Kuok)	gaining on	Licensed digital bank, operational by Jan 2024, unlike unlicensed BigPay
Boost Bank (Axiata/RHB)	gaining on	Operational Jan 2024 with full banking license BigPay was denied
AEON Bank (AEON/MoneyLion)	gaining on	Operational Jan 2024, broader regulatory scope than BigPay's e-money license
Touch 'n Go eWallet	losing to	Dominates Malaysian everyday-spend wallet usage as of 2025
GrabPay	losing to	Embedded in Southeast Asia's dominant Grab superapp, scale BigPay lacks

Questions people ask

Is BigPay profitable in 2024?: No. Per Capital A's Q3 2024 results, BigPay posted RM8.7 million in quarterly revenue against an EBITDA loss of RM21.7 million, a loss narrowing only 2% year over year despite a 26% cut in staff costs.
Did BigPay win a Malaysian digital banking license?: No. When Bank Negara Malaysia awarded five digital banking licenses in April 2022 to Boost-RHB, GXS Bank-Kuok, Sea-YTL, AEON-MoneyLion and KAF, BigPay's consortium, which applied in July 2021, was not among the winners.
Who owns BigPay and is that ownership stable?: Move Digital, a Capital A (AirAsia) subsidiary, holds 99.56% of BigPay. In June 2026 the Singapore High Court ordered that stake seized to satisfy a US$14.7 million arbitration award owed to BigPay's co-founders, leaving ownership unresolved.
Could AI replace BigPay?: Not entirely. BigPay uses Feedzai's AI platform for fraud detection, reporting a 95% detection rate as of May 2026 per Feedzai, but its BNM e-money license and MAS registration provide regulatory cover an AI tool cannot substitute for.
Who is BigPay's biggest competitor?: Malaysia's five newly licensed digital banks, GX Bank, Boost Bank and AEON Bank were operational by January 2024, per Lexology, plus dominant incumbents Touch 'n Go eWallet and GrabPay, all of which BigPay's e-money-only license cannot match in scope.
Is BigPay's parent company AirAsia financially healthy?: Parent Capital A has faced its own well-documented financial distress, reportedly clearing a path to US and Hong Kong listings while exiting a bankruptcy warning as of May 20, 2026, per Skift, raising questions about its capacity to fund BigPay.

Timeline

2026-06Singapore High Court orders seizure of Move Digital's 99.56% BigPay stake over unpaid US$14.7M award
2026-01-12BigPay partners with Bank Rakyat for Shariah-compliant Personal Financing-i via BRICK platform
2025-11-26Thredd completes migration of 2.5 million BigPay cards to next-gen platform
2024-12Arbitration tribunal issues partial US$14.7M award to BigPay co-founders Davison and Rajagopalan
2024-09Q3 2024: RM8.7M revenue, RM21.7M EBITDA loss, 26% YoY staff cost cut disclosed
2024-07-18BigPay expands to Thailand, integrates with AirAsia MOVE superapp
2024-01-09Three licensed rivals, GX Bank, Boost Bank, AEON Bank, commence operations in Malaysia
2023-04Zubin Rada Krishnan named acting Group CEO of BigPay
2023-02Founder Salim Dhanani steps down as CEO
2022-04-29BNM awards five digital banking licenses to rivals; BigPay's consortium rejected

Revision history

26 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

IIFL Finance Monex Group Ajaib