TikTok Shop Atome Ink Buy Now Pay Later Malaysia Partnership
Two sellers are offering items for sale via TikTok live streaming.
Ismoyo Bay | Afp | Getty Images
TikTok has partnered with buy-now-pay-later service Atome to offer installment payments on its e-commerce marketplace in Malaysia, the latest in the company’s e-commerce push in Southeast Asia.
TikTok Shop will include Atome as a payment option, allowing customers to spread payment deferrals over three or six months.
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Atome is the BNPL unit of Singaporean fintech company Advance Intelligence Group, which is backed by major investors such as SoftBank Vision Fund 2 and Warburg Pincus.
The partnership is expected to “drive growth” and “allow merchants and small businesses to offer their customers a convenient and flexible payment option,” Jonathan Lowe, head of e-commerce strategy and special projects at TikTok Shop, said in a statement on Friday.
“By integrating Atome as a payment option in the TikTok Shop, we’re excited to help drive e-commerce growth and support brands of all sizes,” said William Young, Atome’s Head of Commerce.
The partnership comes as TikTok looks to grow in markets outside the US. While the US is the company’s biggest market, TikTok is facing challenges after Montana became the first state to ban the app. The app was also banned in India.
In recent months, TikTok Shop has been aggressively expanding into Southeast Asia’s e-commerce space, competing with existing players such as the sea Shopee and Alibaba Lozada.
Earlier, the CEO of TikTok said that the company will pour “billions of dollars” into Southeast Asia in the next few years. As of April, TikTok said it had more than 325 million monthly users in Southeast Asia.
In June, the company said it was investing $12.2 million to help more than 120,000 small and medium-sized businesses sell online. The investment consists of cash grants, digital skills training and advertising credits for these businesses.
