BNPL player Zip exits Singapore; terminates partnership with Singtel’s Dash

AUSTRALIAN buy now pay later (BNPL) company Zip has begun winding down its operations in Singapore, along with its tie-up with Singtel’s e-wallet Dash since Jun 20.

The e-wallet no longer lists Zip on its website, and the Zip and Dash tie-up web page calls up an error message. The termination of the partnership comes just 4 months after the announcement on Feb 10, or 1 full repayment BNPL cycle.

“Since our arrival in the market we have been overwhelmed by the positive response from both partners and customers. Whilst we see great potential and passionately believe in the viability of Singapore as a market for BNPL and Zip, we have made this difficult decision in order to reprioritise our resources to focus on delivering sustainable profitability in our core ANZ and US market,” said Zip in a statement to The Business TImes.