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AirAsia announces plans to launch fintech products

AirAsia announces plans to launch fintech products

(26 July 2017 – Malaysia) AirAsia said it plans to launch mobile payment services and other finance-based businesses, taking advantage of its growing brand recognition as it expands its footprint across Asia.

Speaking at the launch of new route, the Malaysian airline said the plans are part of "vertical integration" moves now that it has established a firm footing in Southeast Asia. The group is the largest budget airline in the region by fleet size.

"My goal is to take what we have succeeded with in ASEAN and extend our products," AirAsia's group chief executive Tony Fernandes said.

The company is waiting for Malaysia's central bank to approve a financial technology platform enabling in-flight purchases for the nearly 60 million passengers it carries annually.

"I would like to use our data to create some fintech services, such as a payment system like (Chinese online payment platform) Alipay and by creating an online service for travelers, like our version of TripAdvisor," said Fernandes, adding that the company could also offer cargo-delivery services using its passenger flights.

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