BigPay is one of the leading challenger banks and one of the fastest-growing and most innovative financial institutions in Southeast Asia. The company is working with TurnKey Lender to create unique market-leading credit products in Malaysia and we’re excited to announce that as of 3rd of March, TurnKey Lender Platform developed and configured for BigPay has been deployed, fully operational, and processing personal loans.
The personal loan facility powered by TurnKey Lender is a part of BigPay’s financing offering in Malaysia. The product is currently available to selected users and will be progressively rolled out to more and more people.
“The pandemic has highlighted how important it is that people have access to versatile, easy-to-use financial solutions. Many underserved demographics in Malaysia lack access to the credit they need because they do not have the typically ‘acceptable’ credit history which is required by traditional banks — this directly impacts the ability to build long-term financial standing. We have always been committed to democratizing financial services through accessibility and education across South-East Asia,” said BigPay CEO and co-founder Salim Dhanani.
Dmitry Voronenko, global CEO and Co-founder of TurnKey Lender comments, “This project with BigPay is an important milestone for TurnKey Lender’s mission of banking the underbanked and unbanked around the globe. Credit products offered through our platform are accessible, transparent, easy-to-use, and bridge the financial inclusion gap. We’re proud of the work we’ve done for BigPay. For everyone involved in the project, it was extremely important to make it a success and I’m happy to say that the result is outstanding. It’s a powerful lending platform and with it, BigPay will be able to serve millions of users in Malaysia and hopefully beyond.”
TurnKey Lender platform developed for BigPay is a deeply customized solution tailored to the needs of the client’s market and business objectives. Thanks to that, the personal loans offered by BigPay have competitive interest rates which are lower than standard credit card rates and easier to apply for with it being an all-digital process. Users can generate an instant quote using the in-app loan calculator to ensure affordability, then fill in their details via the app to apply. Additional documents are usually not required and the application can be approved within minutes.
For borrowers, the loan dashboard features a repayment schedule with a transparent breakdown of repayment installments and an auto-payment option to prevent users from falling behind on repayments. Details such as the principal amount, interest, late interest, and stamping fee are highlighted instead of the standard lump sum so that users always know the payment amount and duration, as well as what they are paying for.
About BigPay
BigPay is a fintech company with proud Southeast Asian roots founded in 2017. The company is committed to democratizing financial literacy, accessibility, and wellbeing in the region by providing accessible, transparent, simple, and secure digital financial services. From payments to international transfers, credit, micro-insurance, and smart budgeting, the goal is to drive sustainable change for consumers and businesses across Southeast Asia.
About TurnKey Lender
TurnKey Lender is a global B2B SaaS company that offers AI-powered lending automation and decision management solutions in 50+ countries. From origination and underwriting to servicing, collection, and reporting the company’s software can automate the entire lending process just as well as its specific parts. TurnKey Lender supports numerous credit products out of the box – both commercial and consumer – on the same flexible SaaS platform. To learn more visit: https://www.turnkey-lender.com.
Lisbeth Garassino
