{"id":209010,"date":"2021-06-07T08:50:40","date_gmt":"2021-06-07T00:50:40","guid":{"rendered":"https:\/\/techwireasia.com\/?p=209010"},"modified":"2021-06-09T12:56:12","modified_gmt":"2021-06-09T04:56:12","slug":"fave-the-latest-to-introduce-pay-later-options-in-singapore-and-malaysia","status":"publish","type":"post","link":"https:\/\/techwireasia.com\/2021\/06\/fave-the-latest-to-introduce-pay-later-options-in-singapore-and-malaysia\/","title":{"rendered":"Fave the latest to introduce \u2018Pay Later\u2019 options in Singapore and Malaysia"},"content":{"rendered":"<ul>\n<li><b>Fave will be introducing interest-free <\/b><b>\u2018Buy Now, Pay Later\u2019 options with a three-month installment plan that will include cashback for users<\/b><\/li>\n<li><b>The platform will be piloting a type of point-of-sale installment loans in Singapore and Malaysia \u2018sometime next month\u2019<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Southeast Asia&#8217;s fast-growing consumer fintech platform Fave, <\/span><a href=\"https:\/\/www.pinelabs.com\/media-analyst\/fave-southeast-asias-fast-growing-fintech-startup-acquired-by-pine-labs\"><span style=\"font-weight: 400\">recently acquired<\/span><\/a><span style=\"font-weight: 400\"> by one of Asia&#8217;s leading merchant commerce platforms Pine Labs, will be launching its very first consumer lending program, commonly known as the \u2018Buy Now, Pay Later\u2019 (BNPL) scheme. Fave will first launch a pilot program of short-term financing in Singapore and Malaysia, before rolling out to the rest of its markets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The decision came shortly after Pine Labs\u2019 own launch of a BNPL proposition in Malaysia at end of March this year. The foray by both <\/span><a href=\"https:\/\/techwireasia.com\/2019\/03\/why-fave-is-trying-to-digitize-100000-restaurants-in-malaysia\/\"><span style=\"font-weight: 400\">Fave<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/techwireasia.com\/2021\/05\/buy-now-pay-later-5-key-convenient-payment-players-in-asia\/\"><span style=\"font-weight: 400\">Pine Labs<\/span><\/a><span style=\"font-weight: 400\"> comes at an interesting time when there is pent-up demand among consumers after a prolonged period of lockdown; consumers want easier access to credit, and merchants are looking for newer ways to revive sales.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Fave founder Joel Neoh in a recent interview with <\/span><i><span style=\"font-weight: 400\">Tech Wire Asia <\/span><\/i><span style=\"font-weight: 400\">said the group is pretty thrilled about its next product offering, the platform\u2019s first consumer financing product. \u201cSo sometime next month, we will be doing a pilot in our first lending program. We&#8217;re going to be piloting BNPL for Fave Singapore and Malaysia and also provide users with a pay-in-three option. It allows consumers to break their payments into micro installments,\u201d he said.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Truth be told, prevailing economic and financial uncertainty combined with widespread stay-at-home mandates mean that cash-strapped youths the world over are having a field day with the conveniences and flexible payment options of online shopping \u2013 while using <\/span><a href=\"https:\/\/techwireasia.com\/2021\/01\/dissecting-the-digital-payment-markets-of-china-vs-sea\/\"><span style=\"font-weight: 400\">interest-free credit programs to make huge purchases<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">When it comes to <\/span><span style=\"font-weight: 400\">Southeast Asia<\/span><span style=\"font-weight: 400\">, <a href=\"https:\/\/techwireasia.com\/2021\/04\/the-rise-of-buy-now-pay-later-in-sea\/\">the possibilities for BNPL players are virtually limitless<\/a>.\u00a0 Of the roughly 670 million people that inhabit the region, around half are under the age of 30. Southeast Asia is also one of the fastest-growing internet economies, adding an additional 40 million internet users across Indonesia, Malaysia, Vietnam, <\/span><a href=\"https:\/\/techwireasia.com\/2019\/10\/why-singapore-insists-on-helping-small-business-owners-go-digital\/\"><span style=\"font-weight: 400\">Singapore,<\/span><\/a><span style=\"font-weight: 400\"> and the Philippines in 2020 alone and taking its total user base to an estimated 469 million \u2014 roughly 70% of the total population.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><div class=\"see-also right\"><div class=\"row\" data-equalizer><a href=https:\/\/techwireasia.com\/2021\/01\/dissecting-the-digital-payment-markets-of-china-vs-sea\/><div class=\"medium-12 small-4 columns\" data-equalizer-watch><img width=\"400\" height=\"200\" src=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-400x200.jpg\" class=\"ratio2by1 wp-post-image\" alt=\"The digital payment market in SEA vs China\" loading=\"lazy\" srcset=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-400x200.jpg 400w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-800x400.jpg 800w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><img width=\"150\" height=\"150\" src=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-150x150.jpg\" class=\"ratiosquare wp-post-image\" alt=\"The digital payment market in SEA vs China\" loading=\"lazy\" srcset=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-150x150.jpg 150w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-400x400.jpg 400w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-100x100.jpg 100w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2018\/07\/shutterstock_760308298-125x125.jpg 125w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/div><div class=\"medium-12 small-8 columns\" data-equalizer-watch><h4>DISSECTING THE DIGITAL PAYMENT MARKETS OF CHINA VS SEA<\/h4><p class=\"byline\">Dashveenjit Kaur | 27 January, 2021<\/p><\/div><\/a><\/div><\/div><\/span><\/p>\n<p><span style=\"font-weight: 400\">Neoh reckons that\u00a0 BNPL is how banking <em>should<\/em> be brought to consumers. \u201cLike, it&#8217;s a very relevant way these days for consumers to get financing,\u201d he said.\u00a0 Although both credit cards and BNPL involve delayed payments, the latter is different from making a purchase with a credit card. When you use a credit card to pay for things, you&#8217;re only required to make the minimum payment due on the card each month. Interest accrues on the remaining amount until you pay it off in full. But you can carry a balance indefinitely.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In contrast, BNPL arrangements often don&#8217;t charge interest or fees. But they have a fixed repayment schedule \u2014generally several weeks or months. Users are told upfront what they&#8217;ll need to pay each time, and it&#8217;s usually the same amount. It&#8217;s comparable to other sorts of non-secured personal or consumer loans.<\/span><\/p>\n<h3><b>How will Fave Singapore and Malaysia&#8217;s BNPL and pay-in-three work?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">\u201cWe think that this is this model makes complete sense, right for the users. To date, we have approximately seven million consumers that have downloaded our app and are very active in transacting. On the other side, there are close to 50,000 merchants that accept payments, so that will augur well with our upcoming pilot program,\u201d Neoh told <\/span><i><span style=\"font-weight: 400\">TWA<\/span><\/i><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The BNPL option will also allow users to make their payments in three interest-free installments. To top it off, consumers will also receive a cashback of between 5% to 10%. \u201cSo I think there&#8217;s definitely a huge opportunity to provide simple financial services to consumers in this part of the world,\u201d Neoh added.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In terms of consumer financing products roadmap, Neoh indicated the possibility of providing microloans in the long run that is accessible for consumers. \u201cThis is indirectly helping them [consumers] over time, in helping them to understand how they can build and improve their credit score. Because a lot of these consumers today probably don&#8217;t have loans, or they don&#8217;t have the right credit score to get loans. But if we start by cultivating this group, and over time, as they earn more, they will build better credit scores which would allow them to get, higher loans. And that actually makes sense economically, because as long as people can spend more, then it drives more economic growth.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, the company monetizes by charging transaction fees for every purchase made with a merchant by imposing a \u201csuccess fee\u201d, or a fee for every customer that a merchant successfully acquires via Fave\u2019s vouchers, gift cards, cashbacks, or any other promotions it runs on the app. Hence, the introduction of BNPL may have a two-fold impact on Fave. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fave will be introducing interest-free \u2018Buy Now, Pay Later\u2019 options with a three-month installment plan that will include cashback for users The platform will be piloting a type of point-of-sale installment loans in Singapore and Malaysia \u2018sometime next month\u2019 Southeast Asia&#8217;s fast-growing consumer fintech platform Fave, recently acquired by one of Asia&#8217;s leading merchant commerce<a class=\"excerpt-read-more\" href=\"https:\/\/techwireasia.com\/2021\/06\/fave-the-latest-to-introduce-pay-later-options-in-singapore-and-malaysia\/\" title=\"ReadFave the latest to introduce \u2018Pay Later\u2019 options in Singapore and Malaysia\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":607,"featured_media":209011,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,6,2824,4382,8,2594,2315],"tags":[335,4831,2734,5102],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fave the latest to introduce \u2018Pay Later\u2019 options in Singapore and Malaysia<\/title>\n<meta name=\"description\" content=\"Fave will first launch a pilot program of short-term financing in Singapore and Malaysia, before rolling out the rest of its markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/techwireasia.com\/2021\/06\/fave-the-latest-to-introduce-pay-later-options-in-singapore-and-malaysia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fave the latest to introduce \u2018Pay Later\u2019 options in Singapore and Malaysia\" \/>\n<meta property=\"og:description\" content=\"Fave will first launch a pilot program of short-term financing in Singapore and Malaysia, before rolling out the rest of its markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/techwireasia.com\/2021\/06\/fave-the-latest-to-introduce-pay-later-options-in-singapore-and-malaysia\/\" \/>\n<meta property=\"og:site_name\" content=\"Tech Wire Asia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/techwireasia\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-07T00:50:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-09T04:56:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/techwireasia.com\/wp-content\/uploads\/2021\/06\/Fave-app-13042021.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DashveenjitK\" \/>\n<meta name=\"twitter:site\" content=\"@techwireasia\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/techwireasia.com\/#website\",\"url\":\"https:\/\/techwireasia.com\/\",\"name\":\"Tech Wire Asia\",\"description\":\"Where technology and business intersect\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/techwireasia.com\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/techwireasia.com\/2021\/06\/fave-the-latest-to-introduce-pay-later-options-in-singapore-and-malaysia\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/Fave-app-13042021.jpg\",\"contentUrl\":\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/Fave-app-13042021.jpg\",\"width\":800,\"height\":500,\"caption\":\"Exclusive: Fave to introduce the \\u2018Buy Now, Pay Later\\u2019 in Singapore &amp; Malaysia. 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