Fave launches buy now, pay later service in Malaysia and Singapore

Southeast Asian fintech firm Fave said it launched its buy now, pay later (BNPL) service in Singapore and Malaysia, providing interest-free credit services at over 40,000 stores as a pilot offering.

Photo credit: Fave

The company said the service is available on the Fave app for Apple’s iOS users starting today, followed by an Android release in July. The initial launch covers marquee brands in popular retail verticals such Pandora, Marks & Spencer, Best Denki, Puma, and GNC, among others.

With FavePay Later, users in both countries will be able to split purchases into three equal, interest-free installments. Payments are automatically drawn every month, with no fees charged for on-time payments. This comes on top of a 10% cashback users can earn with every purchase.

“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,” said Fave CEO Joel Neoh.

Fave’s expansion comes as the BNPL market continues to grow in Southeast Asia. According to data from market analysis firm Juniper Research, by 2026, BNPL services will account for over 24% of international ecommerce transactions for physical goods by value, up from just 9% this year.

To further capitalize on this growth, the fintech company also recently opened up application programming interface (API) integration for online ecommerce platforms to add support for FavePay’s BNPL services.

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The announcement comes after Fave was acquired by India’s Pine Labs in a cash-and-stock deal valued at over US$45 million. Fave had a post-money valuation of US$34.5 million after its series C round prior to the acquisition.