Standard Chartered and FinTech Atome Financial have struck a $500 million 10-year financial services deal for merchants and consumers across Asia.
Atome Financial is a business unit under Advance Intelligence Group, which recently closed a $400 million-plus Series D financing round led by SoftBank Vision Fund 2 and Warburg Pincus, valuing the company at more than $2 billion.
Standard Chartered said the deal marks one of its largest strategic investments in a FinTech.
Standard Chartered is investing in and providing finance to Atome Financial to the tune of $500 million, helping it to grow the reach of its Asian market buy-now-pay-later platform Atome. Atome also operates digital lending platform Kredit Pintar in Indonesia.
The mobile-first partnership initially covers buy-now-pay-later services in Indonesia, Malaysia, Singapore and Vietnam and will later include digital lending products.
The alliance aims to reach over 16 million customers by 2025.
Judy Hsu, CEO of consumer, private and business banking for Standard Chartered, said: “This partnership gives us the opportunity to be part of a rapidly growing digital consumer finance ecosystem.
“It will allow us to reach even more customers and drive greater financial participation of those under-served and under-banked.”
Jefferson Chen, CEO of Advance Intelligence Group and Atome Financial, added: “The agreement will allow us to expand our merchant network and help retailers increase their customer base and basket sizes, contributing to economic growth across the region.”
The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.
The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.
Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.
This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.
This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories