Technology venture capital firm Fatfish Group (ASX: FFG) has announced the establishment of a new retail buy now pay later (BNPL) brand in South East Asia.
Known as PaySlowSlow, the new service will become Fatfish’s flagship brand in the region and continues the expansion of the group’s BNPL strategy and involvement in the fintech sector.
Fatfish said Malaysia would be the first market to receive PaySlowSlow, where the brand will be incorporated as a subsidiary under the name PaySlowSlow Sdn Bhd.
The group already has a strong presence in the country through its subsidiary companies. Working relationship
PaySlowSlow will strike a working relationship with Malaysia-incorporated subsidiary Forever Pay Sdn Bhd, which Fatfish acquired in April for $870,000 ahead of its South East Asia strategic rollout.
The acquisition allowed Fatfish to utilise Forever Pay’s lending licence to enter new retail BNPL businesses in the region.
PaySlowSlow and Forever Pay will work together to comply with the country’s regulatory requirements for new BNPL services.
Financing of business activities under the PaySlowSlow brand will come from Fatfish’s existing working capital.
South East Asia is the home to over 670 million people and Fatfish hoped PaySlowSlow would become a “prominent retail BNPL brand” which is active in the region’s major geographical markets.
Local acquisitions
Fatfish is progressing its BNPL strategy with local acquisitions which will maximise its exposure to the South East Asian market.
