The first-ever “lender of record partnership” in the nation was announced by Standard Chartered Singapore in conjunction with Atome.
The partnership between the retail bank and the buy now, pay later (BNPL) provider intends to deliver a wide array of consumer payment options and financial services that are mobile-first, supporting the bank’s ambition to increase financial inclusion and grow its mass retail segment. These mobile-first solutions will be jointly developed and provided by Atome and its network of merchant partners, which spans a variety of industries including fashion, beauty, lifestyle, fitness, and home goods. Utilizing its 160 years of banking experience, Standard Chartered offers complete financial services spanning personal, priority, and private banking to meet the various demands of its clients in Singapore.
There have been more than 100,000 BNPL transactions handled since the partnership’s launch in April. In line with its overall goal to double its retail base, Standard Chartered is on track to surpass its target for customer growth in the unsecured loans business by the end of this year.
A 10-year regional multi-product cooperation between Atome and Standard Chartered Bank includes this strategic partnership. In addition to increasing the bank’s access to retail consumers, it enables the BNPL provider to encourage financial inclusion among millions of customers around the region. The collaboration intends to increase its footprint in Malaysia and Indonesia following the success of its launch in Singapore.
“Excited to work with”
“This partnership model is key to not only helping us scale but also in how we can add value to our clients’ digital lives,” said Jessie Li, managing director and head of consumer, private, and business banking at Standard Chartered Bank Singapore. We can give a wider variety of consumers the option of payment solutions that best complement their regular digital activities by offering more flexible payment alternatives and a wider range of advantages and privileges.
Atome Singapore’s general manager, Bryan Quek, said: “This alliance strengthens our relationship with Standard Chartered in Singapore. The implementation of Atome’s flexible deferred payments at the point of sale has proven to enhance customer loyalty, drive transaction growth, and boost engagement levels.
“Now that we have such a reliable finance partner, both our customers and our merchant partners feel more secure and confident. Additionally, it will hasten the development of Atome’s user base and merchant base on a local and regional level as we work together on other digital-first consumer financing products.
Atome users in Singapore can benefit from two special deals to mark the beginning of the relationship. Upon successful card activation, new Standard Chartered credit card customers will receive S$250 (in Atome+ points) in addition to the ability to enter the 100,000 KrisFlyer Miles Giveaway by accruing points with every purchase. The bank’s new mass-affluent miles credit card, the Standard Chartered Journey Credit Card, customers will receive additional bonus opportunities to enter the prize.