StanChart invests $500m in Asian mobile-first FinTech

Standard Chartered and FinTech Atome Financial have struck a $500 million 10-year financial services deal for merchants and consumers across Asia.

Atome Financial is a business unit under Advance Intelligence Group, which recently closed a $400 million-plus Series D financing round led by SoftBank Vision Fund 2 and Warburg Pincus, valuing the company at more than $2 billion.

Standard Chartered said the deal marks one of its largest strategic investments in a FinTech.

Standard Chartered is investing in and providing finance to Atome Financial to the tune of $500 million, helping it to grow the reach of its Asian market buy-now-pay-later platform Atome. Atome also operates digital lending platform Kredit Pintar in Indonesia.

The mobile-first partnership initially covers buy-now-pay-later services in Indonesia, Malaysia, Singapore and Vietnam and will later include digital lending products.

The alliance aims to reach over 16 million customers by 2025.
Judy Hsu, CEO of consumer, private and business banking for Standard Chartered, said: “This partnership gives us the opportunity to be part of a rapidly growing digital consumer finance ecosystem.

“It will allow us to reach even more customers and drive greater financial participation of those under-served and under-banked.”

Jefferson Chen, CEO of Advance Intelligence Group and Atome Financial, added: “The agreement will allow us to expand our merchant network and help retailers increase their customer base and basket sizes, contributing to economic growth across the region.”

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