Eight Asian budget carriers, including Vanilla Air, Tigerair, Tigerair Australia, Scoot, Jeju Air, Cebu Pacific Air, Nok Air, and NokScoot, have come together to form their own regional alliance, the Value Alliance.

Under the terms of the membership agreement, the carriers will offer codeshare and interline capabilities with all revenue to be distributed on a passenger-volume basis.

Membership to the Value Alliance is by invitation only.

At present, the only other membership consortia catering to budget carrier operations include Star Alliance and its Connecting Partner Model (CPM) as well as China's HNA Group which earlier this year unveiled its U-Fly alliance. Though U-FLY's membership is currently limited to four of the group's budget carriers - Lucky Air (China) (8L, Dali), Urumqi Air (UQ, Urumqi), West Air (China) (PN, Chongqing), and HK Express (UO, Hong Kong International) - other LCCs are expected to join the alliance over time.