StanChart, Atome in path-breaking US$500m financing deal
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
IN an industry first, Standard Chartered (StanChart) will provide US$500 million in financing to Singapore-based "buy now, pay later" (BNPL) fintech Atome Financial, under a new 10-year partnership to be rolled out in Indonesia, Malaysia, Singapore and Vietnam in the next few months.
This tie-up will initially include BNPL services and later expand to include digital-lending products, said StanChart and Atome in a joint statement on Wednesday (Oct 13).
It aims to reach over 16 million customers in Asia by 2025 and gain access to multiple financial ecosystems to capture a share of the digital-lending market - estimated to be valued at US$92 billion by 2025 in South-east Asia alone.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
‘Largest Singapore commercial S-Reit proxy’: analysts say buy CICT shares after Paragon acquisition
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
