Standard Chartered has invested US$500 million in Southeast Asian fintech company Atome Financial.
Singapore, TechnoBusiness SG (English Edition) ● Standard Chartered, a global banking and finance company from London, England, has established a 10-year multi-product regional partnership with Singapore-based fintech company Atome Financial.
Standard Chartered collaborated with Atome Financial, a subsidiary of the Advance Intelligence Group, to improve financial access in all major markets in Southeast Asia, namely Indonesia, Malaysia, Singapore and Vietnam.
As an early stage of the partnership, it will include a Buy Now Pay Later service which is targeted to be launched in the next few months. After that, its services will be expanded to digital loan products.
To that end, Standard Chartered is committed to disbursing funding to Atome Financial of US$500 million. The funding will enable Atome Financial to grow and connect the merchant ecosystem to a wider customer base.
Also, increase product access and financial inclusion for consumers across the region. At the same time, Atome Financial customers will get innovative and easily accessible financial services via their mobile devices.
According to Standard Chartered’s Consumer, Private and Business Banking CEO Judy Hsu, the partnership between Standard Chartered and Atome Financial targets to reach more than 16 million customers and capture the US$92 billion digital lending market by 2025.
“We are delighted to have Standard Chartered’s support and partnership in building on our mission of using technology,” added Jefferson Chen, co-founder, Group Chairman and CEO of Advance Intelligence Group and CEO of Atome Financial.
Prior to securing funding from Standard Chartered, Atome Financial recently also successfully closed a US$400 million+ series D funding round from a consortium of investors led by SoftBank Vision Fund 2 and Warburg Pincus with a valuation of more than US$2 billion.
Meanwhile, apart from Atome Financial, Standard Chartered has also invested in Kredit Pintar, a fintech company based in Indonesia. The two funds are Standard Chartered’s largest investment in the fintech industry to date.●
—Michael T. Kheilton, TechnoBusiness SG ● Photo: Standard Chartered
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