Malaysian budget airline AirAsia plans to launch the 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 ICO. One is our loyalty card, where there are “BIG Points”, and I suppose these “BIG Points” can be easily translated into the blockchain. That is, we have a product that can be currency in the Big Loyalty… We are building a payment platform to integrate all of them. We have an ecosystem that will allow the use of this currency. It makes no sense to have a currency that can’t be used,” he said. “The world is changing very rapidly, but I think we are able to quickly adapt to the innovations and introduce them.”
Despite the fact that States around the world reinforce control over the cryptocurrency, Tony Fernandes is confident in the ability of the company to maneuver in the current and future political situation.
The management of AirAsia, which currently has about 65 million customers, said that such a move will allow the company to reach $ 100 million. In addition to the non-cash program “cashless cabins” the company intends to offer loans and 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 the 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.”