The strategic collaboration is set to enable businesses of all sizes, particularly young entrepreneurs, and small and medium enterprises (SMEs), to tackle the potential of online shopping and further economic growth in the country.
Based on the information detailed in the press release, Malaysia’s ecommerce industry has seen considerable growth within the past years, following an increase in digital adoption and changing consumer behaviour. According to Statista research, online shopping in Malaysia is projected to exceed USD 18 billion by 2025, a trend signifying not only a shift in consumer preferences but also presenting a significant opportunity for local businesses to succeed in the digital marketplace.
Atome’s simplified Buy Now, Pay Later (BNPL) service provides consumers with the flexibility to carry out purchases and spread deferred payments over the course of three or six months. Following Atome’s go-live as a payment option on TikTok Shop in Malaysia, consumers can benefit from an improved online shopping and checkout experience. With TikTok Shop’s social commerce features and Atome’s convenient payment solution, entrepreneurs are enabled to leverage the strength associated with ecommerce to expand their reach and drive sales growth.
When commenting on the announcement, William Yang, Head of Commercial, Atome advised that the partnership between TikTok Shop and Atome marks a milestone within the Malaysian ecommerce landscape, as it indicates a new era of convenience, accessibility, and growth for businesses and consumers alike. With the integration of Atome as a payment option on TikTok Shop, the company aims to help drive ecommerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs in Malaysia, while also offering consumers the choice, convenience, and flexibility of how they want to shop and pay.
Adding on this, Jonathan Low, Ecommerce Lead of Strategy and Special Projects, TikTok Shop said that TikTok Shop seeks to elevate the shopping experience for consumers and provide brands and small businesses with opportunities to drive growth, all of which is enabled by bringing together content and commerce. Per the spokesperson’s statement, through this collaboration with Atome, Tik Tok shop is helping merchants and small businesses to offer their consumers a payment option that is both flexible and convenient.
A digital consumer financing platform activating in Southeast Asia, Atome provides users with flexible payments, alongside smart saving and rewarding shopping options. Available across a multitude of online and offline brands throughout the region, the company offers consumers choice, convenience, and flexibility in how they shop and pay.
As part of its development strategy, Atome announced earlier in July its Lender of Record partnership with Standard Chartered Bank in Singapore, which resulted in more than 100,000 booked transactions since April 2023. At the time of the news, the company made public plans for a similar collaboration to be rolled out in Malaysia in the future, as part of a 10-year multi-product strategic collaboration with the bank, which is set to enable Atome to grow and promote financial inclusion for its customers across the region, while bettering the bank’s access to retail customers.
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