Tiger Airways lunges for cheaper fares with new planes

This is the first time the airline will own its own aircraft instead of leasing, which will allow it to drop operating costs and offer even lower airfares.

The new aircraft will arrive by February this year.

Standard Chartered Bank will be partnering the airline in Tiger’s first export credit agency backed financing arrangement.

Export credit agencies are private or quasi-governmental institutions that act as intermediaries between national governments and exporters to issue export financing.

Tiger’s transaction will be backed by French export credit agency Coface.

“The first of the new aircraft will join the Tiger Airways fleet in time to commence new services between Singapore and Hong Kong in February," said Tony Davis, President and Chief Executive Officer, Tiger Airways Holdings Limited.

He also mentioned Tiger Airways would be looking to finance additional aircraft in a similar fashion.

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