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Singapore fintech Fomo Pay partners with Atome to offer BNPL services

Written by Tech in Asia Published on   2 mins read

In July, Hong Kong-based AMTD Digital acquired a controlling stake in Fomo Pay.

Singapore-based fintech Fomo Pay has announced a partnership with buy now, pay later (BNPL) startup Atome, which will allow Fomo Pay to offer BNPL services to online and offline retail businesses in Singapore and across Asia.

“This strategic partnership with Atome will allow merchant partners of all sizes to easily offer buy now, pay later services to their end consumers, [with BNPL] one of the fastest-growing payment methods globally, across both offline and online checkout experiences. Together with other payment methods powered by Fomo Pay, merchants will increase profit by meeting the different payment needs of a wider range of customers,” said Zack Yang, COO and co-founder of Fomo Pay.

Founded in 2015, the fintech company provides a one-stop solution for merchants in Singapore and Malaysia by facilitating a variety of payment methods, including WeChat Pay, Baidu Wallet, Grab Pay, and Visa QR.

Some of its clients include Singapore Press Holdings, Marina Bay Sands, StarHub, Changi Airport, Resorts World Sentosa, Singapore Airlines, and Jumbo Group, among others.

In July 2020, AMTD Digital, the integrated digital solutions arm of Hong Kong financial institution AMTD Group, said it was set to acquire Fomo Pay via a combination of share swap and cash. The acquisition deal was subject to the approval of the Monetary Authority of Singapore (MAS).

Meanwhile, Singapore-headquartered Atome is a BNPL firm that was launched in December 2019. It claims to have partnered with over 3,000 online and offline retailers in nine markets: Singapore, Indonesia, Malaysia, Hong Kong, Thailand, the Philippines, Taiwan, Vietnam, and mainland China.

Its key merchant partners and e-commerce platforms include Sephora, Agoda, Aldo, Zara, Marks & Spencer, Charles & Keith, Yoho, JD.id, and Sendo.

“Consumers today expect convenience, transparency, and flexibility in their payment experience. This partnership will support businesses in enabling a fast, safe, and seamless checkout experience that will accelerate business growth and sales,” said Trasy Lou Walsh, general manager for Atome Singapore and Malaysia.

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This article was originally published by Tech in Asia


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