AirAsia’s non-airline digital businesses transferred to digital venture arm

KUALA LUMPUR: AirAsia Group Bhd (AirAsia Group) yesterday announced the transfer of its digital businesses to Redbeat Ventures Sdn Bhd (RBV), its wholly owned subsidiary.

In a filing with Bursa Malaysia, the group announced that RBV entered into a Share Sale Agreement with AirAsia Bhd and AirAsia Investment Ltd respectively on June 25, 2018 to acquire nine nonairline digital businesses as well as their subsidiaries.

These entities principally involved in the provision of digitalrelated services including AirAsia BIG Loyalty, BigPay, travel360, ROKKI, Ourshop, RedCargo Logistics, RedBox Logistics, Vidi and RedTix.

AirAsia deputy group CEO (Digital, Transformation and Corporate Services) Aireen Omar said, “By placing our digital assets under Redbeat Ventures, we hope to more effectively expand and monetise our digital businesses and broaden AirAsia’s digital footprint.

“As the corporate venture arm of AAGB, RBV looks at working with technology startups and looks out for investment opportunities in the high-tech and digital space to remain competitive and relevant in these rapidly changing commercial and technological environments.

She added: “The vision for RBV is to connect with the start-up community globally through collaboration to foster entrepreneurship and stimulate market-driven innovation that would benefit not just AirAsia’s ecosystem but help lead the digital economy and lifestyle in Asean.”