TikTok signs payments pact with Atome for Malaysia ecommerce


Atome will offer its BNPL service as a payment option on TikTok Shop in Malaysia, according to a statement on July 21. The service lets consumers defer payments for their purchase over a period of three to six months. — AP

TikTok’s ecommerce arm struck a partnership with fintech platform Atome, part of Advance Intelligence Group, to expand its online retail push in Malaysia.

Atome will offer its “buy now, pay later” (BNPL) service as a payment option on TikTok Shop in Malaysia, according to a statement on July 21. The service lets consumers defer payments for their purchase over a period of three to six months.

The deal is a boost for Singapore-based Advance Intelligence, whose payments business has gained tens of millions of users in South-East Asia since its founding in 2016. The startup has raised over US$700mil in total, including a round in 2021 that valued it at more than US$2bil.

ByteDance Ltd’s TikTok plans to invest billions of dollars in South-East Asia over the next three to five years, betting on the region to spur growth for its ecommerce arm and take on incumbent online retailers such as Sea Ltd and Alibaba Group Holding Ltd.

Malaysia’s two biggest ecommerce players by market share, Sea’s Shopee and Alibaba’s Lazada, also offer BNPL payment options. Malaysia’s ecommerce gross merchandise value is projected to reach US$18bil by 2025, up from US$14bil in 2022, Atome said, citing Statista figures. – Bloomberg

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
Google defeats lawsuit over gift card fraud
Russian court fines Apple for not deleting two podcasts, RIA reports
GlobalFoundries forecasts upbeat Q4 results on strong demand from smartphone makers
Emerson sharpens automation focus with offer for rest of AspenTech in $15 billion deal
Palantir shares surge to record as AI boom powers forecast raise
Tax fraud investigators search Netflix offices in Paris and Amsterdam, says source
Singapore's Keppel to buy Japanese AI-ready data centre
Tesla increases wages for staff at German gigafactory by 4%
Apple explores push into smart glasses with ‘Atlas’ user study

Others Also Read