Standard Chartered’s banking unit in Indonesia is entering into a partnership with the country’s largest digital lender Kredivo to offer Buy Now Pay Later (BNPL) loans to the mass market segment through digital means, media reports said. The partnership was a result of the accelerating adoption of digital financial services in the country.
Recently, Standard Chartered has made strides in the BNPL segment in Asia. In this regard, Jeffrey Tan, Head of Consumer, Private and Business Banking (CPBB), Indonesia, Standard Chartered, told the media, “While Standard Chartered already enjoys a strong position in the retail affluent segment, we are strengthening and expanding our distribution channels to serve mass-market customers more efficiently.
“We are thus delighted to partner with Kredivo, which shares our desire to increase financial inclusion in Indonesia, to offer point-of-sale financing via digital platforms.”
Earlier this month, it was reported that the UK-based lending giant has invested $500 million in Atome Financial as a 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 said that the partnership with Atome Financial gives the lender 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,” Judy added.