Papee,
As far as I know, it has been DCA requirement that all pilots flying 7500kg aircraft or above are mandated to have an ATPL (frozen or otherwise).
In AirAsia's case, it would be advantages if you do your own rating; that way, they will not bond you for the next 7 years with a monthly pay cut of approx. RM700 or RM800. If I am not mistaken, they will arrange the loan from a bank and the monthly pay cut will go towards that loan. (provided you get into Air Asia)
For low timers, its a pretty good deal especially when you need the hours.
But your first step is to get the Frozen ATPL asap.
hav a jolly time flying