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November 17, 2021
Kuala Lumpur, Malaysia – November 17, 2021: Leading merchant commerce platform, Pine Labs today announced its partnership with Standard Chartered Malaysia. The Bank’s customers in Malaysia now have the option to avail 0% instalment options on credit cards at any offline point-of-sale powered by Pine Labs. The over 25,000 merchant outlets in Malaysia that run on Pine Labs POS terminals will be equipped to process these instalment purchases or what are popularly known as Buy Now Pay Later (BNPL) offers.
After its success in India with BNPL where Pine Labs is one of the leading offline BNPL providers, the company had launched its BNPL services in Malaysia in March 2021. Standard Chartered Malaysia remains one of the key issuers that Pine Labs has onboarded in a short span of time.
“We are very excited to partner with Standard Chartered to provide their customers unique affordability solutions. Traditionally, the focus of banks has been mainly towards consumer electronics and home improvement due to the big-ticket purchases in these categories for BNPL. Now with the changing consumer shift towards a need for every possible saving opportunity during checkout, newer categories are fast-emerging. Our partnership with Standard Chartered will offer their customers the opportunity to do just that. We are also planning to periodically roll out other important value-added services like cashbacks and discounts for the Bank’s credit card customers,” said Chayan Hazra, Head - Payment Business - APAC, Pine Labs.
“The pandemic has affected many Malaysians, and as we are now getting back to normalcy, this collaboration with Pine Labs on BNPL solutions would connect our customers to a wider ecosystem of merchants to provide a flexible and manageable way to cope with purchases or paying bills. This is in line with the Bank’s commitment to improve product access, financial inclusion and value-added services to our clients,” said Sammeer Sharma, Head of Consumer, Private and Business Banking at Standard Chartered Malaysia.
Retail businesses on the road to revival post the COVID-19 disruption have a potent tool in BNPL at the point-of-sale to drive sales. BNPL payment adoption in Malaysia is on the rise as well and in fact is expected to grow steadily during 2021-2028 at a CAGR of 33.2%, as per a report by Research and Markets 1.
About Standard Chartered Malaysia
Standard Chartered Bank, a member of the Standard Chartered Group was established in Malaysia in 1875. As Malaysia’s first bank, Standard Chartered leads the way through product innovation, consistent and strong growth performance and sustainability initiatives. The Bank provides a comprehensive range of financial solutions to corporates, institutions and individuals through its network of branches across Malaysia. The Bank has an Islamic banking subsidiary, Standard Chartered Saadiq; a global shared services centre, Standard Chartered Global Business Services; a sales arm, Price Solutions and an offshore facility in Labuan. Standard Chartered employs over 7,000 employees in all its Malaysian operations.
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
A leading merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company's unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently operational in 35 cities across Malaysia, Singapore, and Indonesia and is also available in India. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. To know more, please visit www.pinelabs.my