Fave, Southeast Asia’s fast-growing fintech company, has launched its “Buy Now, Pay Later” (BNPL) service in Singapore and Malaysia, providing over six million of its users with instant access to interest-free credit to be used at over 40,000 stores as a pilot.
The service is available on the Fave app for iOS users today, followed by an Android release next month.
“As one of the leading payment apps in the region, we believe in pushing our boundaries and innovating to create better experiences,” said Joel Neoh, CEO of Fave said in a statement.
“Our customers care about flexibility, convenience and rewards.
“FavePay Later is built with these customer needs in mind, and it leverages our consumers’ trust in the Fave brand.
“We are excited to continue providing technology that helps our customers shop better, especially in the lead up to the reopening of shopping post-COVID lockdowns.”
With the launch of FavePay Later, offering interest-free flexible payments on the app and redefining how the new generation of consumers get and use credit.
Eligible Fave users will be able to split purchases over three equal, interest-free instalments.
Repayments will be automatically drawn every month, with no fees charged for on-time payments.
In addition, customers will earn up to 10 per cent cash back with every purchase.