Standard Chartered has officially entered the Buy Now Pay Later (BNPL) race in Asia as it has invested $500 million in Atome Financial, media reports said. The investment is part of the lender’s ten-year multi-product strategic partnership that will entail the rollout of BNPL services in Asian markets.
Judy Hsu, chief executive, consumer, private and business banking, Standard Chartered Bank, told the media, “Riding on our successful digital ventures and partnerships, we continue to be fearlessly innovative in disrupting ourselves to better serve our clients. This partnership with Atome Financial gives us the opportunity to be part of the rapidly growing digital consumer finance ecosystem.
“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.”
In August, it was reported that Standard Chartered entered into a joint venture with supply chain finance startup Linklogis, a company known for using blockchain, to open a trade finance platform.
The platform is expected to attract institutional investors looking for an alternative asset class. The joint venture will also determine the viability of the crypto technology in global trade. The bank mentioned that the new platform will be named ‘Olea’ and will be headquartered in Singapore.
Investors on Olea will be presented with a wide array of trade finance assets globally, with a focus on Asia, while the businesses can receive financing through seamless and transparent processes.