Financial services firm Standard Chartered provided $500m for Singapore-based payment instalment service Atome Financial yesterday through a strategic partnership.
Atome Financial is the subsidiary of fraudulent payment prevention technology developer Advance Intelligence Group (AIG) that focuses on buy-now-pay-later (BNPL) services in its home country, Southeast Asia and the greater China region.
AIG had itself completed a $400m series D round last month at a valuation of more than $2bn. It was co-led by internet and telecommunications group SoftBank’s Vision Fund 2 and private equity firm Warburg Pincus and backed by EDBI, Gaorong Capital, Northstar Group and Vision Plus Capital.
The 10-year multiproduct alliance agreed through the round would entail UK-headquartered Standard Chartered gaining access to the Asian banking technology markets through Atome, initially in the BNPL space in Indonesia, Malaysia, Singapore and Vietnam in the coming months before adding digital lending offerings.
This funding will help Atome expand its presence in the region and improve its technology to include mobile device coverage.
Judy Hsu, CEO of Standard Chartered Bank’s consumer, private and business banking group, said: “Our deep knowledge of Asia’s markets coupled with Atome Financial’s experience in digital consumer finance will allow us to reach even more customers and drive greater financial participation of those underserved and underbanked.”
Jefferson Chen, Atome CEO and co-founder, chairman and chief executive of AIG, added: “[This] partnership with Standard Chartered will allow us to expand our merchant network and help retailers increase their customer base and basket sizes, contributing to economic growth across the region.”
