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.
Breaking down the Nasdaq-100 changes and what they mean for mega-cap tech stocks
Don't expect Nvidia's rally to lose steam, Citi says
Standard Chartered sees upside to its 2024 bitcoin target of $100,000
The chip wars are heating up. This Chinese stock rose 30% in five days
The partnership comes as TikTok looks to markets outside of the U.S. for growth. While the U.S. is the company's largest market, TikTok faces headwinds there after Montana became the first state to ban the app. The app has also been banned in India.
In recent months, TikTok Shop has been aggressively expanding into e-commerce in Southeast Asia, competing against existing players like Sea's Shopee and Alibaba's Lazada.
TikTok's CEO previously said the company will pour «billions of dollars» into Southeast
Read more on cnbc.com