AirAsia Wants to Create its Own Cryptocurrency

AirAsia BlockchainThe CEO of AirAsia Group, Tony Fernandes mentioned to TechCrunch that his company is planning to use the blockchain technology and is considering the use of an Initial Coin Offering (ICO). 

During the Money2020 conference in Singapore, Fernandes said,

“We have two things that are very interesting which will have relevance to ICOs, one is our loyalty card where we have loyalty program BIG Points, and I think those BigPoints can be easily transferred to the blockchain.”

“We have a product that can be a currency in Big Loyalty, and we’re building a payment platform so the two can marry quite nicely, AirAsia CEO added. We have an ecosystem that enables you to use that currency, there’s no point having a currency that can’t be used,”

Fernandes is considering an ICO since some of them have raised enormous sums, such as Telegram’s ICO which raised $850 million in their initial coin offering.

“I like the idea of an ICO because it just takes cost out of my system. So I’m driven, not by trying to take over the world, but in the first instance, everyone buys in my ICO and I take out a lot of exchange risk, I take out a lot of settlement risk, etc etc. So there are many ways of how we are looking at it,”he reported.

With this project, Fernandes plans to grow his clientele to 100 million customers and he mentioned he will consider offering loans and insurance services to its users to help companies and entrepreneurs.

AirAsia group’s CEO also told TechCrunch,

“The world is changing so fast but I think we have the ability to innovate and think quickly on these things but the ideas are based on our data and based on our ecosystem.”

Regulations don’t bother Fernandes at all because the he is used to deal with them since general airline is an industry with a lot of regulations.

“We’re in the most regulated industry in the world, so we know how to deal with regulators and regulations.”

 

 

 

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