Why is AirAsia rebranding to Capital A?

It is probably to avoid investor scrutiny as the company continues to bleed money and expand into areas outside its core business.

After all, the company lost a large amount of money due to the pandemic, and is now focusing on growing its side-bets.

However my 2-cents is that despite changing its name to Capital A, they will still be under heavy criticism due to the way they handled the refunds.