TikTok signs payment pact with Atome fintech platform in Malaysia as Chinese video app expands e-commerce offerings
- Atome will offer its “buy now, pay later” (BNPL) service as a payment option on TikTok Shop in Malaysia
- The deal is a boost for Singapore-based Advance Intelligence, whose payments business has gained tens of millions of users in Southeast Asia since 2016
TikTok’s e-commerce 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 Friday. 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 Southeast Asia since its founding in 2016.
The start-up has raised over US$700 million in total, including a round in 2021 that valued it at more than US$2 billion. In 2021, Standard Chartered Bank announced that it will invest in Atome as part of a 10-year partnership.
“By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive e-commerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs,” William Yang, head of commercial at Atome, said in the statement.