Alibaba and Tencent have demonstrated that the world of payments is no longer the exclusive territory of banks.
Their model is now gaining traction in southeast Asia, where a Singapore-based, Indonesia-focused transport platform and a Malaysian budget airline announced plans to move into financial services within three days of one another.
Singapore’s Grab and Malaysia’s AirAsia announced the launch of Grab Financial and BigPay respectively, joining Indonesia’s motorbike-based ride-hailing firm Go-Jek, which acquired three local fintech firms in December and combined them into its Go-Pay brand.
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