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STANDARD Chartered Bank has announced a partnership with Atome Financial's Indonesia-based lending platform Kredit Pintar, to extend up to US$70 million worth of loans.
This follows the global partnership inked by the bank and Singapore-based fintech in Oct 2021 for US$500 million in financing across Asian markets including, Indonesia, Malaysia, Singapore and Vietnam. Atome Financial is better known for its buy now pay later product, Atome.
"This collaboration aligns with the bank's strategy to grow assets in the consumer digital banking space through partnerships with fintech and digital finance," said Jeffrey Tan, head of consumer, private and business banking Indonesia, Standard Chartered.
Kredit Pintar has been in operation since 2017 and has disbursed US$1.5 billion in loans to date. Loan amounts range from US$50 to US$1,400 with about half of the borrowers citing education or small business capital as the purpose of borrowing.
"This partnership is one of the major strategic investments to support the fintech industry in Indonesia. We're proud that Indonesia is the first market in the region to launch this Standard Chartered partnership, first with our consumer digital lending brand Kredit Pintar, and eventually will be with Atome Indonesia to expand its buy now pay later retail network," said Wawan Salum, chief executive, Atome Financial Indonesia.