Fatfish Group launches new retail brand as part of South East Asia BNPL rollout
Technology venture capital firm Fatfish Group (ASX: FFG) has announced the establishment of a new retail buy now pay later (BNPL) brand in South East Asia.
Known as PaySlowSlow, the new service will become Fatfish’s flagship brand in the region and continues the expansion of the group’s BNPL strategy and involvement in the fintech sector.
Fatfish said Malaysia will be the first market to receive PaySlowSlow, where the brand will be incorporated as a subsidiary under the name PaySlowSlow Sdn Bhd.
The group already has a strong presence in the country through its subsidiary companies.
PaySlowSlow will strike a working relationship with Malaysia-incorporated subsidiary Forever Pay Sdn Bhd, which Fatfish acquired in April for $870,000 ahead of its South East Asia strategic rollout.
The acquisition allowed Fatfish to utilise Forever Pay’s lending licence to enter new retail BNPL businesses in the region.
PaySlowSlow and Forever Pay will work together to comply with the country’s regulatory requirements for new BNPL services.
Financing of business activities under the PaySlowSlow brand will come from Fatfish’s existing working capital.
South East Asia is home to over 670 million people and Fatfish hopes PaySlowSlow will become a “prominent retail BNPL brand” that is active in the region’s major geographical markets.
Fatfish is progressing its BNPL strategy with local acquisitions that will maximise its exposure to the South East Asian market.
In April, the group paid $470,000 for a 55% majority interest in Malaysian payment gateway provider Pay Direct Technology Sdn Bhd, which operates the QlicknPay service.
QlicknPay is currently used by top-tier Asian financial institutions including the multinational OCBC Bank (Oversea-Chinese Banking Corporation).
Last December, Fatfish boosted its 58.8% stake in Singapore-based financing platform SmartFunding by a further 19.9%, to provide its regional BNPL foundation.
Fatfish has previously said it will continue scaling up its BNPL and related fintech business.
Demand for BNPL services are expected to grow 400% to $330 billion by 2025, according to a recent report.