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Atome Financial and HSBC Singapore Collaborate Again to Expand in the Philippine Market
by
Michael Tan
Atome Financial has recently announced the renewal of its $100 million debt facility in collaboration with HSBC Singapore to expand its operations in the Philippine market.
The collaboration not only facilitates the company’s expansion endeavors but also leverages the global network, regional footprint, and banking expertise of HSBC Singapore to amplify Atome’s reach and impact in the Philippine market.
Atome Financial, a prominent consumer financing platform in Southeast Asia, empowers consumers across the region with versatile deferred payment options, intelligent savings solutions, and rewarding shopping experiences through its mobile application, Atome.
The company’s flagship platform, Atome, is a versatile mobile app that empowers consumers across the region with adaptable deferred payment options, intelligent savings solutions, and gratifying shopping experiences.
Having accumulated more than 40 million app downloads and disbursing over $4 billion in loans, Atome Financial has demonstrated its impactful presence in the fintech sphere.
Under the Atome umbrella, the company cooperates with Kredit Pintar, one of Indonesia’s digital lending platforms regulated and supervised by the Otoritas Jasa Keuangan (OJK).
Atome’s extensive network encompasses over 15,000 retail partners across ten Asian markets, enabling seamless and flexible payment options for consumers.
The platform’s collaborations with global brands such as Zara, H&M, Nike, and Sephora have helped gain more consumers seeking tailored payment solutions. The company’s expansion efforts are evident as it recently ventured into the Japanese market, marking its tenth market penetration.
Beyond its role as a Buy Now, Pay Later (BNPL) provider, Atome Financial offers additional financial services, including cash loans and the Atome Card powered by Mastercard in the Philippines.
The company additionally provides checkout services for online and offline merchants, emphasizing convenience and versatility for its users.
The Philippines emerges as a strategic focal point for Atome Financial’s services, which specifically cater to the needs of unbanked and underbanked consumers. With a significant portion of the population needing access to traditional banking services, Atome’s offerings fill a critical gap in the financial landscape.
According to the Senate Economic Planning Office, as of 2021, approximately 34.3 million adults in the country remain unbanked, underscoring the substantial untapped potential within this market segment.
The Philippines’ burgeoning installment payments market has drawn the attention of various Buy Now, Pay Later (BNPL) providers like Atome, alongside competitors such as BillEase and Home Credit.
These industry participants are vying for a stake in the country’s thriving landscape. Forecasts predict that the sector’s value will experience remarkable growth, anticipated to reach US$3.46 billion by 2028.
The drive to tap into the unbanked and underbanked segment and the robust growth trajectory of the installment payments sector, helps Atome Financial’s expansion in the Philippines as a strategic move.
“We’re excited to have the renewed support of HSBC, especially as it now includes the Philippines, a key strategic market for us in providing unbanked and underbanked consumers with easier, simpler, and more affordable access to digital-first consumer financing products,” Andy Tan, Head of Funding, Atome Financial made an official statement.
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