TikTok has partnered with ‘buy now, pay later’ service Atome to offer installment payments in Malaysia’s e-commerce market, marking the company’s latest e-commerce foray into Southeast Asia.
The TikTok Shop includes Atome as a payment option, allowing customers to pay in arrears over three or six months.
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Atome is the BNPL arm of Singapore-based fintech firm Advance Intelligence Group and is backed by major investors including SoftBank Vision Fund 2 and Warburg Pincus.
Jonathan Lowe, TikTok Shop’s e-commerce head of strategy and special projects, said in a statement on Friday that the partnership is expected to “enhance growth” and “enable retailers and small businesses to offer their customers convenient and flexible payment options.”
“By integrating Atome as a payment option for the TikTok Shop, we are excited to accelerate e-commerce growth and support brands of all sizes,” said William Yang, Head of Commercial at Atome.
The partnership comes as TikTok looks to markets outside the US for growth. The US is the company’s biggest market, but it has faced headwinds there since 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 e-commerce in Southeast Asia, competing with established players such as: seeds with shoppers Alibaba’s Lazada.
TikTok’s CEO has previously said the company will pour “billions of dollars” into Southeast Asia over the next few years. TikTok announced in April that it had more than 325 million monthly users in Southeast Asia.
The company announced in June that it would invest in $12.2 million Helping over 120,000 small businesses sell online. The investment will consist of cash grants, digital skills training and advertising credits for these businesses.