Fatfish Group (ASX: FFG) subsidiary Smartfunding has entered into a strategic partnership agreement with Malaysian-based retail technology platform KryptoPOS Sdn Bhd to rollout Smartfunding’s buy now pay later (BNPL) services throughout Asia.
Under the terms of the deal, the companies will work with KryptoPOS merchants to offer BNPL to more than 15 million consumers in the region annually.
It will include sharing of behavioural and data analytics between Smartfunding and KryptoPOS, allowing Smartfunding to improve its credit analysis capability and pre-approve merchants with good credit standing.
Smartfunding said the partnership would advance its vision of extending its BNPL services throughout South East Asia.
“The strategic partnership will allow the Smartfunding BNPL services to be marketed to the 5,000-plus merchants of KryptoPOS immediately, allowing a impactful and wider reach of Smartfunding BNPL services in the South East Asian market, and far earlier than the initial marketing plan prepared by the management of Smartfunding,” Fatfish noted.
Established in 2018, KryptoPOS is a B2B2B (business-to-business-to-business) retail data and technology platform which provides small-to-medium enterprises (SMEs) with a cloud-based point of sale (POS) and ordering platform.
The company partners with telcos and broadband providers to deliver its product over high-speed wireless or wired broadband connections.
KryptoPOS software is mobile friendly and comprises an array of features to make life easier for business owners and merchants such as inventory management, actionable analytics, real-time updates, employee tracking and multiple payment methods.
It allows users to load up to 10,000 items onto a regular iPad, with actual quantities varying between device models.
KryptoPOS is currently used by 5,000 merchants and around 15 million consumers across Indonesia and Malaysia.
Indonesia is the region’s largest economy recording an estimated gross domestic production value of $4.13 trillion in 2020, while Malaysia ranks fourth on the scale with a GDP of $1.12 trillion for the same period.
Smartfunding is an existing investee company of Fatfish’s Swedish subsidiary Abelco Investment Group, which holds a 58.8% stake via its own subsidiary, Fintech Asia Group.
Fatfish’s combined indirect and direct interest in Smartfunding amounts to 78.7%.
Smartfunding’s technology is a peer-to-peer online lending platform providing short to mid-term working capital loans for SMEs in Singapore and other international markets.
In November, Fatfish and Smartfunding confirmed plans to launch the BNPL corporate program in Singapore before launching across the broader region.