Online payments, BNPL and insurance

ASEAN Fintech Group Announces Launch Of Payments, Lending And InsurTech Services

Singapore-based ASEAN Fintech Group (AFG) officially launched its regional brands on October 13, 2021, which currently consists of BetterPay (www.betterpay.me), SmartFunding (www.smartfunding.sg), PaySlowSlow and Fatberry (www.fatberry.com).

The group offers a suite of e-commerce services from online payments to BNPL (Buy-Now-Pay-Later) and online insurance services (InsurTech) to cater to Southeast Asia’s growing population of internet users.

AFG was founded in 2017 by Dato’ Larry Gan (Non-Executive Chairman), Lau Kin Wai (Executive Director) and Douglas Gan (Executive Director). The venture aims to create value by digitizing money and commerce flow in Southeast Asia.

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“We see ourselves as a committed contributor towards the Fintech ecosystem across ASEAN. Some of the key businesses we have forged over the years enabled our customers, whether its individuals or SMEs, to reduce significant time spent in obtaining financing, conducting payments and insuring themselves,” said AFG’s Executive Director Lau Kin Wai.

According to AFG, digital services have boomed amid the Covid-19 pandemic and internet users in the region’s top-six economies increased by about 40 million in 2020, with close to 70% of the population online.

“Besides building up the propositions of our underlying business, AFG is looking to grow exponentially via an aggressive merger and acquisition strategy. ASEAN is now the foremost tech market in Asia outside of China. With businesses that are all going digital in some form, the fintech landscape is fuelled further by strong growth and the strategic deepening of anintegrated fintech value chain.” said Dato’ Larry Gan on AFG’s regional expansion strategy.

AFG currently offers services across Singapore, Malaysia, Thailand and Indonesia covering payments, lending and insurance services online.

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