BNPL major Atome confirms exiting Vietnam

Photo credit: Dr David Sing / Shutterstock

Atome, the buy now, pay later firm operated by Singapore-based Advance Intelligence Group, has confirmed its withdrawal from the Vietnamese market after entering the country just last year.

In a statement to Tech in Asia, the company said that “Vietnam’s contribution to our overall business was limited.”

“We began a planned and orderly pause of Atome’s Vietnam operations in May, managing communications with our partners, merchants, and customers carefully throughout the process,” an Atome spokesperson said.

In April 2022, Atome debuted in Vietnam with a pilot spanning over 20 retail partners. In an interview with Tech in Asia in November 2022, the company said it had onboarded more than 100 merchants in the country at the time, with a focus on targeting millennial and Gen-Z consumers.

Other notable players in the Vietnamese BNPL market include Kredivo and Fundiin. Local e-wallet MoMo also offers a BNPL service.

Besides Singapore, Atome is still available in Indonesia, Malaysia, Thailand, and the Philippines.

In May, its parent firm Advance Intelligence Group raised US$80 million from Warburg Pincus and Northstar Group.

See also: Why Vietnam is buying into BNPL now, not later