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Standard Chartered invests in buy now, pay later company Atome

People walk outside Standard Chartered’s headquarters in Hong Kong, China, August 1, 2017. REUTERS/Bobby Yip

SINGAPORE, Oct. 13 (Reuters) – Standard Chartered Plc (STAN.L) announced a 10-year partnership with Atome Financial as it seeks to capitalize on its thriving buy now and pay later services that allow consumers to easily pay for purchases in installments divide .

In a joint statement issued by the companies on Wednesday, the bank said it will make an undisclosed equity investment in Atome Financial, which operates on the buy now, pay later platform, Atome and Indonesian digital lending platform Kredit Pintar.

Standard Chartered also plans to fund $500 million to Atome Financial.

The partnership will initially include buy now, pay later services that aim to roll out in Indonesia, Malaysia, Singapore and Vietnam in the coming months and expand later with digital loan products.

This marks one of Standard Chartered’s largest strategic investments in a fintech to date and supports its ambition to expand its reach and scale within the mass market segment through a digital-first approach, supported by digital acquisition and new partnership models. declaration. said.

Reporting by Anshuman Daga in Singapore and Nikhil Kurian Nainan in Bengaluru; Editing by Ramakrishnan M. and Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles.

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