Following this announcement, the retail bank will combine its solutions with the suite of products provided by Atome in order to design and offer Singapore customers a wide range of mobile-first client payment tools and financial services.
According to the press release, approximately 100,000 BNPL transactions have been booked under the `Lender of Record` collaboration, since April of 2023. The strategic deal follows the bank’s aim to improve the overall customer experience and growth from its unsecured loans business by the end of 2023.
The collaboration represents one part of the 10-year multi-product regional partnership between Standard Chartered Bank and Atome Financial. This deal enables Atome to improve its development process and to promote financial inclusion to its customers across the region of Singapore while leveraging Standard Chartered’s access to retail users. The companies aim to extend the collaboration in the near future, with plans of launching in Malaysia, after being rolled out in Singapore and Indonesia earlier this year.
Following this launch, two executive promotions will be made available for Atome clients in Singapore. New Standard Chartered credit card holders will be given the possibility to receive USD 250 in Atome+ points after their cards were activated successfully. Furthermore, customers can register to join a giveaway provided by the companies, which adds chances of winning with every spending they make.
UK-based international banking group Standard Chartered had multiple collaborations and product launches in the last couple of months, covering several geographic areas around the world.
In May 2023, the bank announced its partnership with Worldpay in order to expand the market coverage of Straight2Bank Pay, its digital collection gateway. Following this collaboration, both companies enabled new capabilities and services on the Straight2Bank Pay solution. The firms aimed to deliver a comprehensive, effective, and secure suite of digital collections of products, which were designed to meet the needs and preferences of businesses. This was set to provide clients and collaborators with the opportunity to collect funds from a wider range of payment methods, such as cards or other alternative capabilities (including e-wallets and bank transfers).
Earlier in the same month, the bank signed a memorandum of understanding with the Dubai International Financial Centre for working on digital assets. While pending regulatory approval, Standard Chartered was looking to launch digital asset custody tools in the UAE, starting with DIFC and aiming to serve institutional clients globally. The new products were set to be powered by one of Standard Chartered’s subsidiaries, Zodia Custody, which was equipped with the necessary operational and technical features to meet the requirements and needs of institutional users.
The bank expanded its partnership with Tazapay in the same period, in order to deliver payments and commerce-enabling experience to its clients around the world. The deal was part of Standard Chartered’s broader aim to offer curated financial solutions on B2B platforms.
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