Standard Chartered joins BNPL fray with $500m Atome investment

English banking significant Standard Chartered has made an essential investment of $500m in Atome Financial as part of a ten-year multi-item essential partnership.

Atome Financial works purchase presently pay later (BNPL) stage Atome and digital lending stage Kredit Pintar in Indonesia.

The most recent partnership, which plans to convey individual banking arrangements across Asia, will involve the carry out of BNPL offerings across Indonesia, Malaysia, Singapore and Vietnam in the following couple of months.

It will later include the send off of digital lending items also.

Standard Chartered said that its investment, its largest in a fintech to-date, will empower Atome Financial to increase its environment of traders and client base in Asia.

Leveraging their separate assets in finance and innovation, Standard Chartered and Atome Financial hopes to arrive at more than 16 million clients by 2025.

They will likewise cooperate to tap the evolving digital lending market, as most would consider to be normal to develop to $92bn by 2025 in South East Asia alone.

Standard Chartered Bank Purchaser, Private and Business Banking President Judy Hsu said: "This partnership with Atome Financial offers us the chance to be part of the quickly growing digital customer finance biological system and gives helpful and pertinent digital financial items to supplement and enhance clients' digital lives."

For more digital lending industry segment insights, download a free report sample

The partnership comes closely following Atome's more than $400m Series D financing round, which esteemed the organization at more than $2bn.

Commenting on the partnership, Atome Financial Chief Jefferson Chen said: "By providing purchasers with more straightforward, easier, and more helpful admittance to a full set-up of digital-first financial administrations, we can speed up more extensive financial inclusion across both created and emerging markets in Asia.

"Simultaneously, this partnership with Standard Chartered will permit us to expand our vendor organization and assist retailers with increasing their client base and bin sizes, contributing to financial development across the district."

Last year, Standard Chartered introduced a stage allowing people in general to track and follow installments similar as a parcel conveyance.

This April, Irish installment firm CurrencyFair and Australia's Gathering Installments combined following investment from Standard Chartered.

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