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Tuesday, May 28, 2024

Buy-now-pay-later platform Atome quits Hong Kong

Buy-now-pay-later platform Atome quits Hong Kong

Atome, the Singapore-based buy-now-pay-later platform, has ceased operations in Hong Kong, citing an “unpredictable and depressed macro environment,” according to an email from their customer service department.
Their last transaction took place on March 31, with users no longer being able to access the Atome payment option on any of their partner’s apps and websites. No prior warning was given to platform users, and the cessation of operations was only discovered upon enquiring with the platform via email on April 9, 2023.

An article in MARKETING-INTERACTIVE dated March 31, 2023, gave the same reason for their closure as stated by customer service in the email.

The brand’s Hong Kong website is still operational with no mention of their ending of operations in the city.

Atome entered the Hong Kong market in 2020 as a subsidiary of Advance Intelligence Group, a Series-D AI-driven technology company with operations across South and Southeast Asia, Latin America, and Greater China.

The service has expanded to nine markets across Southeast Asia and Greater China since its launch in December 2019. It partners with over 5,000 leading fashion, beauty, lifestyle, fitness, homeware, and more retailers.

Atome’s decision to leave Hong Kong is a significant blow to the city’s e-commerce industry. The company had been providing consumer financing services to customers, allowing them to purchase items online without having to pay the full amount upfront. This had been a great way for customers to spread out their payments and had been helping to drive more online sales.

The decision to leave Hong Kong is a sign of the times, as the city’s economy has been struggling in recent months. The ongoing protests and the US-China trade war have taken their toll on the economy, and this has led to a decline in consumer spending. With such an uncertain economic climate, it’s understandable that Atome had decided to focus on other markets.

The impact of Atome’s departure from Hong Kong is likely to be felt by both consumers and businesses. Consumers will no longer have access to the consumer financing services that Atome has been providing, which could make it more difficult for them to purchase items online. Businesses, meanwhile, will have to find alternative ways to finance their customers’ purchases, which could lead to higher costs for them.

Atome has yet to respond to another email requesting further information at the time of this article going to print.
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