AirAsia creates a payment blockchain platform and launches ICO

Low-cost Malaysian airline AirAsia plans to launch ICO to Finance its expansion in the financial services sector.

CEO of AirAsia Tony Fernandes has told about company plans on development of their own crypto currency, which would replace the current bonus program Loyalty and Big to serve as the national currency on the nascent platform.

“We have two very interesting developments that are relevant to the ICO. One is our loyalty card where there are” BIG Points “and I believe these” BIG Points ” can be easily transferred to the blockchain. That is, we have a product that can be a currency in the Big Loyalty system… We build a payment platform to combine them together. We have an ecosystem that will allow us to use this currency. There is no point in having a currency that cannot be used,” he said. “The world is changing very rapidly, but I think we are able to quickly adapt to innovations and implement them.”

Despite the fact that States around the world are strengthening control over cryptocurrencies, Tony Fernandez is confident in the company’s ability to maneuver in the current and future political environment.

The management of AirAsia, which currently has about 65 million customers, believes that such a step will allow the company to reach the mark of 100 million. In addition to the non-cash program “cashless cabins” the company intends to offer loans and  /trucking insurance services targeted at small business owners.

The head of the budget airlines said that financing through the ICO to reduce the risks and upfront costs faced by AirAsia in the launch of a new service.

“I like the idea of ICO because it removes costs from my system. Thus, I am motivated by the desire to rule the world, and the possibility of ICO: I can get rid of foreign exchange risks, settlement risks, etc. We take into account these benefits.”