SINGAPORE, October 13 (Hfrance.fr) - Standard Chartered Plc ( STAN.L) on Wednesday announced a 10-year fintech partnership with Singapore-based Atom Financial to help it capture some of the booming buying, later pay-off market in Asia that flourished during the pandemic.
The global boom has boosted vendors such as Klarna, Affirm (AFRM.O) , Afterpay (APT.AX) and Paypal (PYPL.O) , but led to further consideration of the part of regulators concerned that consumers do not get into debt more than they can handle.
Standard charter ed, the first major bank to unveil a major foray into the sector in Asia, makes a non-pulgated equity investment in Atom Financial, which operates the Atom platform in markets such as Southeast Asia, and Indonesian digital lending platform Kredit Pintar.
"This marks one of Standard Chartered 's most significant strategic investments in a fintech to date and supports its ambition to expand its reach and scale into the mass market segment through a digitally driven approach, underpinned by digital acquisition and new partnership models, "states a joint statement.
Unlike western markets where credit is easily accessible. , many consumers in developing countries, such as Southeast Asia, do not have much access to credit and lack bank accounts.
Standard Chartered has stated that it will provide $ 500 million in funding to support Atom Financial to expand its group of merchants and omers customers.
The combination will initially launch in Southeast Asia, and will include buy-it-now and subsequent payment services in Indonesia, Malaysia, Singapore and Vietnam in the coming months. next to digital loan products, the companies said in their statement.
"This will allow us to aggressively expand loan products to small business and retail. customers, including buy now, pay later "said Bill Winters, CEO of Standard Chartered, at an event in London, while providing an update on the bank's digital strategy
The fintech company's other markets include China and Taiwan.ome Financial is part of the technology start-up Advance Intelligence Group based in Singapore. Reporting by Anshuman Daga in Singapore and Nikhil Kurian Nainan in Bangalore; Edited by Christian Schmollinger, Elaine Hardcastle
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