TikTok Shop strikes ‘buy now, pay later’ partnership in Malaysia as part of e-commerce push

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

TikTok Shop will embody Atome as a fee possibility, which might enable clients 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 Vision Fund 2 and Warburg Pincus.

The partnership is anticipated to “drive growth” and “enable merchants and small businesses to offer their customers a convenient and flexible payment option,” Jonathan Low, e-commerce lead of technique and particular initiatives at TikTok Shop, mentioned in a press release on Friday.

“By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive ecommerce growth and support brands of all sizes,” mentioned William Yang, head of business at Atome.

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

In latest months, TikTok Shop has been aggressively increasing into e-commerce in Southeast Asia, competing towards current gamers like Sea’s Shopee and Alibaba’s Lazada.

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

In June, the corporate mentioned it will 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.