AirAsia Transfers Digital Businesses to Redbeat Ventures

Wed, 19 Dec 2018

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AirAsia Transfers Digital Businesses to Redbeat Ventures

AirAsia Group Berhad (AAGB) has transferred its digital businesses to Redbeat Ventures Sdn Bhd (RBV), a wholly owned subsidiary.

In a filing with Bursa Malaysia on Monday, AAGB revealed that RBV entered into a share sale agreement with AirAsia Berhad and AirAsia Investment Ltd respectively on 25 June 2018 to acquire nine non-airline digital businesses as well as their subsidiaries.

The entities, principally involved in the provision of digital-related services, include: 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. 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.”

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