Standard Chartered Bank has made an undisclosed strategic investment in Singapore fintech firm Atome Financial as part of a 10-year partnership aimed at delivering financial services to consumers and merchants across Asia.
This is one of StanChart’s largest strategic investments in a fintech firm to date, the UK-headquartered bank said in a statement.
Atome Financial is one of Southeast Asia’s largest fintech lenders and claims to be the region’s largest buy now, pay later (BNPL) platform. It also operates Kredit Pintar, one of Indonesia’s biggest peer-to-peer lenders by disbursement. Atome is a business unit of Advance Intelligence Group, also known as ADVANCE.AI.
As part of the alliance with Atome, StanChart will finance $500 million worth of loans, comprising mainly BNPL and other digital lending products, which will be disbursed across Indonesia, Malaysia, Singapore and Vietnam in the coming months.
“We are excited to have the support and partnership of Standard Chartered in building towards our mission of using technology to help people advance towards a better life. By providing consumers with easier, simpler, and more convenient access to a full suite of digital-first financial services, we can accelerate broader financial inclusion across both developed and emerging markets in Asia,” said Jefferson Chen, Co-Founder, Group Chairman and CEO of Advance Intelligence Group, and CEO of Atome Financial.
The StanChart investment follows a recent Series D fundraising by Advance Intelligence Group, in which it secured over $400 million from SoftBank Vision Fund 2, Warburg Pincus and other investors. The financing valued the firm at over $2 billion.
“Riding on our successful digital ventures and partnerships, we continue to be fearlessly innovative in disrupting ourselves to better serve our clients. This partnership with Atome Financial gives us the opportunity to be part of the rapidly growing digital consumer finance ecosystem and provides convenient and relevant digital financial products to complement and enrich clients’ digital lives,” said Judy Hsu, CEO, Consumer, Private and Business Banking at Standard Chartered Bank.
The firms will seek to expand their merchant base, improve product access and enhance financial inclusion for consumers across the region, said a joint statement.
StanChart has previously invested in Indonesia’s online and offline commerce major Bukalapak.