Pine Labs has partnered with buy now pay later (BNPL) platform Atome to enable instalment payment options across its merchant network in Malaysia.
The partnership comes at a time when Malaysia is seeing an accelerated shift to digital payments in the aftermath of the pandemic outbreak.
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Pine Labs launched its BNPL offering in Malaysia in March this year.
The company is currently looking to accelerate BNPL payment acceptance and last-mile retail transaction technology in the Malaysian market.
It has already onboarded merchants and lenders such as CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank on its BNPL platform.
According to Pine Labs head of Payment Business APAC Chayan Hazra, the partnership with Atome would help merchants in Malaysia drive business growth through BNPL payment acceptance processed via Pine Labs merchants payment technology.
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By GlobalDataHazra said: “BNPL is the future for most businesses, especially in the retail sector. With Atome, we are able to open newer categories for affordability and bring in newer customer segments who might not be traditional credit card customers.”
Singapore- headquartered Atome has footprint in nine markets including Malaysia, Hong Kong, Taiwan, Indonesia, Vietnam, Thailand, Philippines, and mainland China.
In Malaysia, the platform has more than 200 online and offline merchant partners across major verticals including beauty, fashion, travel, homeware and lifestyle.
Atome Singapore and Malaysia general manager Trasy Lou-Walsh said: “This partnership will enable a quicker, smoother and more seamless payment experience across thousands of point-of-sale checkouts in Malaysia.
“The movement control order (MCO) has placed a huge strain on Malaysia’s retail sector and this partnership will support and drive recovery in retail sales while empowering consumers to shop and pay flexibly, safely, and responsibly.”
Recently, Pine Labs secured $315m in fresh infusion as part of its ongoing funding round, bringing the total round size to over $600m.
The firm, currently valued at $3bn, is preparing for an initial public offering in the US in the next 18 months.
