Atome, the region’s premier digital consumer finance platform, has embarked on an exciting collaboration with TikTok Shop, aiming to reinvent the e-commerce domain in Malaysia. This innovative partnership seeks to empower not just large corporations, but also young entrepreneurs and small-to-medium enterprises (SMEs), by capitalizing on the transformative power of e-commerce to bolster the country’s economic expansion.
Emerging E-Commerce Landscape in Malaysia
Over the past few years, the e-commerce industry in Malaysia has witnessed exponential growth, driven by increasing digital uptake and evolving consumer preferences. As per Statista, the online shopping sphere in Malaysia is anticipated to skyrocket to a staggering RM84 billion by 2025. This trend doesn’t merely reflect changing consumer attitudes, but also paves the way for local businesses to flourish in the digital marketplace.
Revamping Consumer Experience with ‘Buy Now, Pay Later’
Atome’s user-friendly “buy now, pay later” service gives consumers the latitude to make purchases and split the payments over a period of three to six months. With Atome’s integration into TikTok Shop’s payment options in Malaysia, shoppers can revel in an upgraded online shopping and checkout process. The fusion of TikTok Shop’s ingenious social commerce capabilities and Atome’s hassle-free payment solution allows entrepreneurs to harness the power of e-commerce, broaden their customer base, and amplify sales growth.
Voices from the Leadership
William Yang, the Commercial Head at Atome, remarked on the collaboration, saying, “This partnership between TikTok Shop and Atome signifies a milestone in the e-commerce landscape in Malaysia, heralding a new era of convenience, accessibility, and growth for businesses and consumers alike. By integrating Atome as a payment option on TikTok Shop, we’re excited to help drive ecommerce growth and support brands of all sizes, but especially SMEs and young entrepreneurs in Malaysia while also providing consumers with the choice, convenience and flexibility of how they want to shop and pay.”
Echoing the sentiment, Jonathan Low, the E-commerce Strategy and Special Projects Lead at TikTok Shop, commented, “TikTok Shop is about elevating the shopping experience for consumers and providing brands and small businesses with opportunities to drive growth – all of which is done by bringing together content and commerce. Through this partnership with Atome, TikTok Shop enables merchants and small businesses to offer their customers a convenient and flexible payment option.”
Innovative Partnerships and Strategic Collaborations
Atome has also recently made headlines by announcing a groundbreaking Lender of Record partnership with Standard Chartered Bank in Singapore. This collaboration, unprecedented in its nature, has resulted in over 100,000 transactions booked since its inception in April. A similar alliance is also slated to be launched in Malaysia soon. This decade-long strategic partnership with the Bank enables Atome to foster financial inclusivity for its vast customer base across the region while improving the Bank’s access to retail customers.
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A Bright Horizon for E-Commerce in Malaysia
This partnership signals a promising future for e-commerce in Malaysia, creating an environment where businesses, particularly SMEs, can thrive while offering consumers an enriched online shopping experience. The evolving landscape of e-commerce is a testament to the increasing significance of digital transactions and the continuous drive towards better customer experience and convenience.