AirAsia Berhad considering an initial coin offering (ICO)

AirAsia Berhad is considering an initial coin offering (ICO) as part of its efforts to improve the company as a whole. The Southeast Asian cheap airline said it would publish its own cryptocurrency as part of building loyalty and finance in a blockchain.

AirAsia Berhad CEO Tony Fernandes said the company is analyzing the potential to organize ICO to raise money by introducing its own crypto and building loyalty both of which will be incorporated into a blockchain.

"We have a product that can be a currency and a loyalty, and we're building a payment platform where both are in good synergy. We have an ecosystem that allows you to use the currency," Fernandes said.

AirAsia pioneered the low-cost carrier model in Southeast Asia and claimed 65 million registered customers. Fernandes also has a QPR football club in England. To date most ICOs have been done by start-up companies and AirAsia will be the most established and high-value consumer business to do just that.

"The world is changing so fast but I think we have the ability to innovate and think fast about these things based on our data and ecosystems," Fernandes said.

"AirAsia is in a strong position with government connections and general aviation regulations.We are in the most regulated industry in the world, so we know how to handle regulators and regulations," Fernandes said.