Pine Labs partners with Citi Malaysia to expand Asia-Pacific services

Pine Payment Solutions, a unit of Pine Labs, said it has partnered with card issuer Citi Malaysia as the former looks to widen the reach its financial services across the Asia-Pacific region.

Photo credit: Pine Labs

The partnership will give credit card holders the option to split big purchases into affordable monthly instalments without having to pay any interest. Citi credit card holders will also be able to earn rewards points, premier miles, or cashback via the firm’s 0% Easy Pay plan.

India-based Pine Labs is a platform that provides financing and last-mile retail transaction services to merchants. The company works with financial institutions like CIMB Bank, AmBank, HSBC Bank, Affin Bank, and RHB Bank to facilitate its offerings in Malaysia.

“With Citi’s large credit card customer base soon being provided with the pay later option powered by Pine Labs, we are also excited for the business growth potential with merchants,” said Chayan Hazra, head of Pine Labs’ Asia-Pacific payments business.

To scale its pay-later offerings in Malaysia, Pine Labs recently partnered with Singapore-based Atome, which has partnerships with over 3,000 online and offline retailers such as Zalora, Agoda, Aldo, Eu Yan Sang, Box of Bricks, and Machines.

See also: How Xendit rose quickly in Southeast Asia’s crowded fintech space

Atome offers buy now, pay later (BNPL) services across nine Asian markets, including Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, the Philippines, and mainland China.

Fintech firm Fave, which is owned by Pine Labs, had launched its own BNPL services in Malaysia in June. However, Fave operates in a different space than Atome.

Last month, Pine Labs raised US$600 million in a fresh funding round.