AirAisa plans to develop a proprietary cryptocurrency
In TechCrunch talk with Tony Fernandes the CEO of AirAsia a $3 billion dollar company. Tony has a plan to replace its “Big Loyalty” Reward program with a proprietary cryptocurrency and will sever as a currency on AirAsia developing financial services platform.
Tony Quoted “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. We have an ecosystem that enables you to use that currency, there’s no point having a currency that can’t be used. 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.”
AirAsia has currently had about 65 million customers and believes that expanding and innovating into financial services would allow it to reach to a customer base of more than 100 million customers. AirAsia also intends to offer loans and insurance services and have a target audience of small business owners.
Tony said that AirAsia is funding its expansion through an ICO and it would mitigate the risk and up-front cost that the company would face as it launches the new services.
Tony says “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,”