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Atome receives in-principle approval to offer regulated payment services

Thursday 10 November 2022 14:11 CET | News

BNPL platform Atome is one step closer to operating as a Major Payment Institution following an in-principle approval from the Monetary Authority of Singapore.

 

With this licence, Atome will be able to provide various payment services such as domestic and cross-border money transfers, account issuance, and merchant acquisition services. 

According to Atome officials cited by techinasia.com, the company will work with the Monetary Authority of Singapore, its merchant partners, and its consumers to improve Singapore’s payment ecosystem. The same officials described the licensing and due diligence process as comprehensive and robust. They also emphasised that receiving the IPA is a critical milestone for their business in Singapore.

Other recent developments from Atome 

In August 2022,  Atome partnered with Mastercard to launch the Atome card in the Philippines, which provides cardholders with an Atome line of credit that can be used to pay online and in-store retailers by simply presenting an Atome Card during checkout. The service pairs up with a mobile app that allows users to track consumption and payment schedules. 

In the same month, Atome partnered with Razer Merchant Services, the B2B arm of Razer Fintech, to enable flexible deferred payment acceptance during checkout at online and offline RMS merchants. Through the partnership, both companies aim to continue supporting merchants by offering a flexible, secure, and seamless experience to their customers. To pay, users first need to download Atome’s app and register an account before selecting Atome as the checkout payment option.

 

BNPL platform Atome is a step closer to operating as a Major Payment Institution following an in-principle approval from the Monetary Authority of Singapore.

 

The status of BNPL in Singapore 

According to a report by businesswire.com, BNPL payments in Singapore are expected to grow by 52.6% on annual basis to reach USD 773.9 million in 2022. According to the same report, The BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 25.5% from 2022 to 2028. The BNPL Gross Merchandise Value in the country is expected to increase from USD 507.2 million in 2021 to USD 3 billion by 2028. 

The widespread adoption of BNPL services in Singapore can be attributed to consumers who are increasingly shifting to e-commerce platforms to complete their purchases. Moreover, in Singapore, there is a growing interest in commercial BNPL products, which means that instalment products for small businesses are likely to attract payment companies to launch BNPL products in this segment. 

Banks are also entering into strategic alliances with BNPL platforms in Singapore, and a good example is Standard Chartered Bank, which announced that it entered a 10-year strategic partnership with Atome in October 2021.

For more information about Atome, please check out their detailed profile in our dedicated, industry-specific Company Database.


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Keywords: BNPL, online payments, Monetary Authority of Singapore (MAS), payment institution
Categories: Payments & Commerce
Companies: Atome
Countries: Singapore
This article is part of category

Payments & Commerce

Atome

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