Zip’s Singapore exit signals dimming prospects for BNPL as a standalone product

THE recent exit of Australian “buy now, pay later” (BNPL) player Zip from Singapore is yet another indication that such consumer lending companies are having to make tough decisions and consolidate their operations. Higher interest rates won’t help the situation.

Singapore-based Hoolah, which started offering instalment payments in 2018, was acquired by shopping and rewards platform ShopBack in November 2021.

Rely, founded in 2017, has been acquired by rival Pace.