Platforms Featured Southeast Asia

This SG fintech enables users to stretch monthly car, home installments up to 45 days

Singapore – As the majority of people rely on financial support during the pandemic, Singapore-headquartered fintech convertCASH has launched, in an aim to support middle to middle low-class communities in stretching their monthly financial deadlines and to provide greater ease in financial management.

The app handles users’ monthly car and home installments and stretches them for up to 45 days without any interest. The platform carries a ‘We pay for your first’ feature, which lets the user schedule his car or home installment payment, earn and redeem loyalty points, as well as receive extra money when introducing the app to a friend.

Co-Founder of convertCASH Jason Bak commented that monthly fixed bills commitment has become stressful to everyone.

“It is interest-free and no borrowing with instant approval. The users must have credit cards as security while using convertCASH’s ‘Pay for you First’ benefit. They also have to fill in the details of the recipient on the app and the installment will be made within one working day. They can then pay back to the credit card up to 45 days later,” said Bak.

The maximum transaction amount that can be made via convertCASH is US$5000 (RM20,000.00). To date, it has recorded an average amount of US$123786 (RM500,000) transacted via the convertCASH platform.

ConvertCASH is growing across Malaysia, Indonesia, Australia, and the ASEAN region, as it targets to achieve one million registered car users in Malaysia and 200 million registered car users globally.

The fintech platform also plans to expand in Hong Kong, Thailand, Vietnam, and Philippines during the second quarter of 2021; while the expansion in Japan, Korea, and China are eyed by 2022.

The app is available on IOS, Android, and Huawei.

Marketing Featured Southeast Asia

AsiaPay, Atome team up to enable flexible installment payment options across APAC merchants

Singapore – Hong Kong-headquartered Asiapay and Singapore-headquartered Atome have announced a joint partnership to enable seamless, flexible installment payment options to online and offline retail businesses across the APAC region.

AsiaPay is a digital payment solution and technology vendor in Asia based in Hong Kong, aiming to bring advanced and cost-effective electronic payment processing solutions and services to banks, corporate and e-Businesses in the worldwide market.

On the other hand, Atome is a ‘buy now, pay later’ platform in Asia based in Singapore. It partners online and offline retailers to increase conversions and grow average orders and customer segments.

Through this team-up, both companies intend to remove the complexity for merchants and retailers of all sizes, to benefit from this seamless partnership that enables greater ‘buy now, pay later’ payment convenience and acceptance across both offline and online channels in the APAC region.

Atome has partnered with over 2,000 online and offline retailers in six markets (Singapore, Indonesia, Malaysia, Hong Kong, Vietnam, and mainland China). Key merchant partners and e-commerce platforms include Sephora, Agoda, Zara, Marks & Spencer, Charles & Keith, Yoho, JD.ID and Sendo in verticals such as beauty, fashion, electronics, home decor, and lifestyle services.

AsiaPay’s platform connects over 100 banks and alternative payment methods, including credit and debit cards, bank account/net banking, prepaid cards, digital wallets and ‘buy now, pay later’ product in 11 country locations – Mainland China, Hong Kong, Indonesia, India, Macau, Philippines, Singapore, Australia, Thailand, Taiwan, and Vietnam.

Joseph Chan, CEO of AsiaPay, said that the move towards digital payments across Asia is accelerating and there is increasing merchant demand for a complete integrated payment acceptance solution to optimize sales and business conversion.

“Buy now, pay later plans are growing in popularity among customers in Asia who are seeking more financial flexibility when shopping either in-store or online. We are thrilled to partner with Atome who can enhance the sales conversion of merchants in Asia with BNPL convenience and provide merchants with a flexible payment alternative that boosts customer experience,” Chan said.

Meanwhile, CEO of Atome David Chen stated that consumers want flexibility, transparency and a better, more personalised shopping and payment experience.

“This exciting partnership with AsiaPay will support thousands of businesses across the region in enabling a superior, seamless checkout experience for consumers, both in store and online websites. This in turn will optimize customer conversion, increase average orders and repeat usage,” Chen added.