AirAsia to roll out its own cryptocurrency
Budget airline AirAsia plans to launch a proprietary cryptocurrency to convert frequent flyer points into digital dollars.
AirAsia founder and chief executive Tony Fernandes said it will launch the BigCoin cryptocurrency with its own initial coin offering (ICO).
BigCoin will then be available for use for ancilliary products such as in-flight meals and upgrades within a few months of the launch, Fernandes told Nikkei Asian Review.
It is unclear whether the airline will develop its own blockchain system or use an existing platform.
"Starting in April, ticket prices will be quoted on the group’s website in conventional currencies as well as in BigCoin," Fernandes said.
A cryptocurrency option will save on excessive exchange rate costs and settlement risk, he said.
Other Asia Pacific airlines are currently mulling blockchain technology including Air New Zealand and Singapore Airlines.
The latter also plans to integrate blockchain tech into its loyalty programmes, through its own private blockchain platform.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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