Annual Report 2019

Among the new products, we are looking at offering value- add services in thematic holidays such as those undertaken for medical reasons or by groups with particular religious needs. Medical tourism is currently a USD19 billion market and is expected to grow at a compounded annual growth rate (CAGR) of 6.8% till 2025. Within this rapidly growing landscape, Malaysia ranks eighth in the world as a medical tourism destination, the top three medical procedures in the country being fertility treatment, cardiology and orthopedics. AirAsia.com is poised to disrupt the currently fragmented, independent health facilitators-dominated market by becoming the first airline to provide end-to-end medical, health and wellness packages in partnership with first-class medical facilities in Malaysia, Thailand, South Korea and Singapore. In addition, we aim to fulfil the needs of Muslims seeking to travel — to perform the haj or umrah, or indeed any other reason. For pilgrims, we will offer the full suite of services required, from travel advisory to obtaining a visa, booking their accommodation and, of course, their flights. For other types of travel, we can help make trips as hassle-free as possible, by identifying restaurants that serve halal food, for example. Once the haj/umrah packages take off, we will offer similar services for other pilgrimages. AirAsia.com’s current transformation would not be possible without the heroes behind the scene — some 700 young and talented Allstars representing 12 nationalities who bring a diversity of experience and skillsets to the platform. This team has just moved to its new office in KL Sentral, aptly named Red Station. From this station, the team has an exciting journey outlined, one that will connect travellers with service providers for their travel and everyday needs in a relevant, timely and seamless manner. BIGPAY Established in 2018, BigPay is disrupting traditional banking by delivering financial products with lower fees, greater transparency and convenience. Only in its second year of operation, BigPay was the largest new card product in Malaysia, and the largest e-wallet in the market based on transactional volume. BigPay’s exponential growth can be attributed to its products and proprietary platform, which have been custom-built for optimum usability and convenience. The Automated e-KYC technology, for example, enables digital verification of document identity and facial biometrics, enabling users to open accounts via the app in under five minutes. BigPay users can also enjoy Mastercard’s global network of 35 million merchants and one of the best foreign exchange rates in the market. BigPay’s belief that satisfied customers are its biggest marketing tool has been validated by positive results of its referral programme. Further enhancing the customer experience, the team is investing in a best-in-class customer chat platform that is able to serve a rapidly growing user base. While BigPay is currently focused on developing and growing its e-money and remittance offerings, it has ambitious plans to roll out more features in lending, insurance and wealth planning products. Its ultimate objective is to establish itself as a serious contender as ASEAN’s first challenger bank. 108 MORE THAN JUST AN AIRLINE > RedBeat Ventures (CONT’D)