Another applicant of the digital banking license, Big Pay, which partnered with the Malaysian Industrial Development Finance Berhad (MIDF) and Ikhlas Capital, a Singapore-based private equity fund manager, launched digital loans last month as part of its wider suite of financial offerings.

The service makes BigPay the first product to have a full digital personal lending product as part of its offering in Malaysia. BigPay Later Personal Loans is currently available to selected users .