Standard Chartered Ties Up With Singapore Start-Up for Fintech Expansion
13 Octubre 2021 - 5:30AM
Noticias Dow Jones
By Yifan Wang
Standard Chartered PLC has tied up with Singapore start-up Atome
Financial to expand in Asia's booming financial technology
market.
As part of the 10-year partnership, Standard Chartered will
invest an undisclosed amount in Atome Financial, which operates
consumer credit platforms across Asia, the bank said in a statement
Wednesday.
Standard Chartered said the investment would be its largest one
to date in a fintech company.
The bank will also provide $500 million financing to aid product
innovation and user growth at Atome Financial.
The collaboration will initially focus on Atome's
consumer-credit business, known as "buy now pay later," which is
expected to be rolled out in Indonesia, Malaysia, Singapore and
Vietnam in the next few months. The partnership will later be
expanded to include cooperation in digital lending products, the
bank said.
Standard Chartered aims to reach over 16 million customers by
2025 through the partnership, as the Asia-focused lender seeks to
secure a share of the rapidly-growing digital lending market.
Atome Financial is a business unit under Singapore tech start-up
Advance Intelligence Group, which recently raised over $400 million
in its latest financing round led by SoftBank Vision Fund 2 and
Warburg Pincus. The deal has valued Advance Intelligence at more
than $2 billion.
"This partnership with Atome Financial gives us the opportunity
to be part of the rapidly growing digital consumer finance
ecosystem," said Judy Hsu, chief executive of Standard Chartered's
consumer, private and business banking segment.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
October 13, 2021 06:15 ET (10:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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