Mirroring global market trends, the buy-now-pay-later or the BNPL model that allows customers to shop for smaller-ticket items on installments is becoming a fast-growing phenomenon in Southeast Asia if deal activity and consumption trends are an indicator.
Earlier this month, Temasek-backed cashback player Shopback announced it had acquired Singapore-based BNPL startup hoolah for an undisclosed sum. Weeks before this deal, Standard Chartered Bank announced an investment of $500 million in Atome Financial – the BNPL arm of Advance Intelligence Group – as part of a 10-year partnership.
