United Airlines President Scott Kirby issued a warning to potential new-entrant low-cost-carriers, including JetBlue founder David Neeleman’s Moxie: United will match your fares.

Kirby, speaking on stage at Skift Forum Asia in Singapore in June, said he’s heard of about 50 airlines over the years that were supposed to be created but Virgin America, founded in 2004, was the last startup airline in the United States that actually became a reality.

The low-cost airline model is predicated on the competition not matching prices, Kirby said, and unlike the situation over the last 30 years, United now has the capabilities with segmentation, including basic economy, to go tit-for-tat with the new entrants.

Listen for the full interview with Skift Editor-in-Chief Tom Lowry.