AirAsia's new mobile payment app, BigPay, can give established players in the region a run for their money, according to the budget airline's CEO Tony Fernandes. BigPay, which is run as an independent business under its parent company AirAsia, launched its app earlier this year. The app is positioned as an "everyday digital alternative to bank accounts," and is available in Malaysia, according to its website. "We got a fantastic fintech business where we're going to give Alipay, GrabPay a run for their money, called BigPay," Fernandes told CNBC's Akiko Fujita at the Nikkei Global Management Forum in Tokyo. Users sign up for a BigPay account through their smartphones and are issued a Mastercard that can be used to pay at various establishments and to withdraw cash from ATMs globally. The company says it has lower processing fees than average bank-issued cards.

Tony Fernandes, CEO of AirAsia at 2015 WEF in Davos, Switzerland. David A. Grogan | CNBC

With BigPay, users can also get travel perks with AirAsia and send money for free, the company said on its website. Topping up the mobile wallet requires either a credit or a debit card. Alternatively, it can be done through bank transfers, according to the company.