Standard Chartered Teams Up With SeaMoney To Launch Buy Now Pay Later Service

Dok/Standard Chartered Indoneisa

Standard Chartered Teams Up With SeaMoney To Launch Buy Now Pay Later Service

Thursday, 15 Aug 2024

Standard Chartered Bank (SCB) has teamed up with SeaMoney to offer more financing options for consumers in Indonesia. This partnership has been in collaboration with PT Commerce Finance, part of the SeaMoney group, through SPayLater, a Buy Now Pay Later (BNPL) service available to Shopee users in Indonesia. The goal of this partnership is to foster a more inclusive financial ecosystem and expand financial services for underserved communities in the country. Since the soft launch in February 2024, SCB has provided nearly USD 100 million in credit, facilitating around 6 million BNPL transactions for about 2 million Shopee users. They aim to double this volume by the end of 2024. The BNPL market in Indonesia is projected to grow at a CAGR of 34.1% from 2024 to 2030, highlighting the significant potential for BNPL services in the region. With SPayLater, users can enjoy additional financing options with clear and flexible payment terms for their purchases on Shopee, helping them manage their finances better. Rino Donosepoetro (Donny), Cluster CEO for Indonesia and ASEAN Markets at Standard Chartered, stated, “We are excited to announce our partnership with SeaMoney, a leading digital payment provider in ASEAN. We hope to leverage this strategic alliance to enhance financial access for the people of Indonesia. This partnership also reflects Standard Chartered's optimism about Indonesia's economic growth potential, supported by stable GDP growth expected to exceed 5%, a large young demographic, rapid digital adoption, and strong consumer spending.”

Winson Winata, the CEO of PT Commerce Finance, shared, "Our partnership with Standard Chartered to expand BNPL services in Indonesia is a significant move towards boosting financial inclusion in the country. This aligns perfectly with our mission to enhance an inclusive financial ecosystem. With this collaboration, we aim to provide more comprehensive and accessible financial solutions to a larger segment of the Indonesian population."