TikTok Shop inks Atome buy now, pay later partnership in Malaysia

TikTok has partnered with “buy now, pay later” service Atome to offer installment payments on its Malaysian e-commerce marketplace, the latest in the company’s e-commerce foray into Southeast Asia.

TikTok Shop will include Atome as a payment option, which will allow customers to spread out deferred payments over three to six months.

Atome is the BNPL arm of Singapore-based fintech Advance Intelligence Group, which is backed by major investors including SoftBank Vision Fund 2 and Warburg Pincus.

The partnership is expected to “drive growth” and “enable merchants and small businesses to offer their customers convenient and flexible payment options,” Jonathan Low, TikTok Shop’s head of e-commerce strategy and special projects, said in a statement Friday.

“By integrating Atome as a payment option on TikTok Shop, we are excited to help drive e-commerce growth and support brands of all sizes,” said William Yang, Head of Commerce at Atome.

The partnership comes as TikTok seeks growth in markets outside the United States. While the U.S. is the company’s largest market, TikTok has faced local headwinds after Montana became the first state to ban the app. The app is also banned in India.

In recent months, TikTok Shop has been making aggressive inroads into e-commerce in Southeast Asia, partnering with companies such as sea ​​area Shrimp and Alibaba’s Lace up

TikTok’s chief executive previously said the company would inject “billions of dollars” into Southeast Asia over 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 would invest in $12.2 million Helping over 120,000 SMEs sell online. The investment includes cash grants, digital skills training and advertising credits for these businesses.