TikTok struck a partnership 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 into Southeast Asia.
TikTok Shop will include Atome as a payment option, which would allow customers to spread deferred payments over three or six months.
Atome is the BNPL arm of Singapore-based fintech firm Advance Intelligence Group, which is backed by major investors like SoftBank Vision Fund 2 and Warburg Pincus.
The partnership is expected to "drive growth" and "enable merchants and small businesses to offer their customers a convenient and flexible payment option," Jonathan Low, e-commerce lead of strategy and special projects at TikTok Shop, said in a statement on Friday.
"By integrating Atome as a payment option on TikTok Shop, we're excited to help drive ecommerce growth and support brands of all sizes," said William Yang, head of commercial at Atome.
Persons:
TikTok, Atome, Warburg Pincus, Jonathan Low, William Yang
Organizations:
Advance Intelligence Group, SoftBank
Locations:
Malaysia, Southeast Asia, Singapore, Atome