TikTok Shop inks Atome buy now, pay later partnership in Malaysia

TikTok struck a partnership with “purchase now, pay later” service Atome to supply installment funds on its e-commerce market in Malaysia, the most recent within the firm’s e-commerce push into Southeast Asia.

TikTok Store will embody Atome as a fee possibility, which might permit prospects to unfold deferred funds over three or six months.

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Atome is the BNPL arm of Singapore-based fintech agency Advance Intelligence Group, which is backed by main traders like SoftBank Imaginative and prescient Fund 2 and Warburg Pincus.

The partnership is predicted to “drive progress” and “allow retailers and small companies to supply their prospects a handy and versatile fee possibility,” Jonathan Low, e-commerce lead of technique and particular tasks at TikTok Store, stated in a press release on Friday.

“By integrating Atome as a fee possibility on TikTok Store, we’re excited to assist drive ecommerce progress and assist manufacturers of all sizes,” stated William Yang, head of economic at Atome.

The partnership comes as TikTok appears to markets outdoors of the U.S. for progress. Whereas the U.S. is the corporate’s largest market, TikTok faces headwinds there after Montana turned the first state to ban the app. The app has additionally been banned in India.

In latest months, TikTok Store has been aggressively increasing into e-commerce in Southeast Asia, competing in opposition to present gamers like Sea’s Shopee and Alibaba’s Lazada.

TikTok’s CEO beforehand stated the corporate will pour “billions of {dollars}” into Southeast Asia over the following few years. As of April, TikTok stated it has greater than 325 million month-to-month customers in Southeast Asia.

In June, the corporate stated it might make investments $12.2 million to assist over 120,000 small and medium-sized companies promote on-line. The funding consists of money grants, digital expertise coaching and promoting credit for these companies.