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TikTok Shop Forms "Buy Now, Pay Later" Partnership in Malaysia for E-Commerce Expansion

Lanon Wee

TikTok Shop, the e-commerce platform of the short video app, is set to roll out "buy now, pay later" service Atome in Malaysia, in a bid to broaden its e-commerce presence in Southeast Asia. Jonathan Low, the e-commerce lead of strategy and special projects at TikTok Shop, said in a statement on Friday that this partnership would "drive growth" and "enable merchants and small businesses to provide their customers a convenient and flexible payment option." With its e-commerce expansion into Southeast Asia, the company is turning to outside the U.S. for growth. TikTok Shop has announced a new partnership with Atome, a "buy-now-pay-later" service, to allow customers in Malaysia to make installments over three or six months on its e-commerce marketplace. Atome is the payment arm of Advance Intelligence Group, based in Singapore and backed by SoftBank Vision Fund 2 and Warburg Pincus. Jonathan Low, TikTok Shop's e-commerce head of strategy and special projects, described this integration as a move towards "driving growth" and "offering customers a convenient and flexible payment option," in an accompanying statement on Friday. William Yang, head of commercial at Atome, also voiced enthusiasm about the collaboration: "By integrating Atome as a payment option on TikTok Shop, we are thrilled to support brands of all sizes and drive e-commerce growth." Learn about the Nasdaq-100 shifts and their implications for major tech stocksCiti predicts Nvidia's upward trend will persistStandard Chartered forecasts bitcoin to reach $100,000 by 2024Competition in the chip industry is intensifying. This Chinese stock has increased 30% in a five-day period. An examination of the re-composition of the Nasdaq-100 and its implications for prominent tech companies indicates that if Citigroup's forecasts are correct, Nvidia's surge will persist. Standard Chartered anticipates the value of Bitcoin reaching $100,000 by 2024. Additionally, the competition between chip makers has intensified, leading to a 30% spike in the share price of one Chinese firm within five days. TikTok is directing its focus to regions outside of the U.S. due to a ban in the state of Montana and in India. With its TikTok Shop, the company is expanding into e-commerce in Southeast Asia, challenging well-established platforms like Sea's Shopee and Alibaba's Lazada. CEO of TikTok stated that billions of dollars will be invested over the coming years in Southeast Asia, with already over 325 million monthly users in the region. In June, TikTok committed to investing $12.2 million in cash grants, digital skills training, and advertising credits to help 120,000 small and medium-sized businesses establish their online presence.

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