AirAsia's Tony Fernandes during their event in Kula Lumpur, Malaysia. Jauhn Etienne Villaruel, ABS-CBN News

KUALA LUMPUR, Malaysia — AirAsia boss Tony Fernandes on Thursday explained why he decided to defer his retirement from the low-cost carrier after he signed a new service contract to serve as its chief operating officer for another 5 years.

Capital A, the operator of AirAsia, announced Wednesday that Fernandes was appointed as “Advisor and Steward to its Group Chief Executive Officer” as the company “embarks on a new era of transformation and growth.”

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“[I decided to stay] to complete the journey of AirAsia. To create something new,” Fernandes told the press during the company’s event in Kuala Lumpur, where it announced its partnership with the ASEAN Business Advisory Council (ASEAN-BAC) for its subscription product “Asean Explorer Pass.”

AirAsia’s ASEAN Explorer pass offers travelers all over the world a “flexible and cost-effective way” to explore Southeast Asia, through its online travel platform (OTP) AirAsia MOVE.

Fernandes, who will turn 60 this year, said one of the reasons he delayed his retirement was because “ASEAN is booming.”

“ASEAN is booming. This is a great time to be in ASEAN. You see the dynamism all over-- from the Philippines, Indonesia, Vietnam, Laos, everywhere, there’s excitement. Every time we go to an ASEAN country, we think ‘wow.’ And we have 700 million people there,” Fernandes said.

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“I’d really thought I’d be kind of out of this by now by now but COVID also took a lot of my time,” the Malaysian businessman admitted.

In a press release Wednesday, AirAsia Aviation Group chairman Tan Sri Jamaludin Ibrahim said Fernandes would oversee the company’s bid for expansion, particularly in its push for “longer-haul routes spanning Asia and beyond.”

“Tony's visionary leadership, exceptional entrepreneurial ability, global industry knowledge and relationships, will not only ensure continuity but also will assist in the next significant transformation phase. This is integral as we prepare AirAsia Aviation Group to become the overarching leading regional aviation provider for the best value for short, medium and longer-haul routes spanning Asia and beyond,” Ibrahim said.

Asked what’s in store for AirAsia in the next 5 years, Fernandes told the media: “We’re gonna blow the world away.”