Home Credit Vietnam, a branch of the Netherlands-based financial services firm, has joined local ecommerce platform Tiki to launch Home PayLater, its buy now, pay later (BNPL) service in the country.
Photo credit: Tiki
The new product will be integrated directly into the Tiki platform and allow its customers to shop using flexible three, six, or 12-month installment plans with interest rates as low as 0%.
As one of the largest credit loan providers in the country, Home Credit Vietnam hopes the partnership will help it cash in on the thriving BNPL market, especially among Gen Z buyers.
Founded in 2010 by Tran Ngoc Thai Son, Tiki is one of the “big four” general ecommerce platforms in Vietnam along with Shopee, Lazada, and Sendo. The company entered the soonicorn club last year after its US$258 million series E round put it close to the US$1 billion valuation mark.
Earlier this year, Tiki diversified its product offerings by launching a blockchain-based rewards program that would let customers gain more financial benefits from their bonus points.
Meanwhile, Home Credit Vietnam has been operating in the country since 2008 and currently employs 6,000 people and serves more than 12 million customers.
Recently, the global BNPL sector has been struggling to cope with rising interest rates and looming inflation. However, many BNPL players in Southeast Asia said they continue to see strong traction and are on track to hit their growth targets.
See also: BNPL struggles amid global recession – except in Southeast Asia
Editing by Miguel Cordon and Joy Tirkey
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
