Standard Chartered 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 $500m 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 $400m in its latest financing round led by SoftBank Vision Fund 2 and Warburg Pincus. The deal has valued Advance Intelligence at more than $2bn.
“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 [email protected]
This article was published by Dow Jones Newswires