“The e-commerce industry in Singapore and Southeast Asia has grown tremendously since its inception. We recognize the ‘Buy Now, Pay Later’ industry in the region to be ripe with potential and complimentary to the e-commerce industry at this stage,” said Alex Chua, chief executive of Goldbell Financial Services.
Rely’s use of alternative data and machine learning to propel both industries will elevate both shopper’s and merchant’s e-commerce experience, and continue to shape and revolutionize the future of e-commerce retail, added Chua.
With Rely, shoppers can use the ‘Buy Now Pay Later’ service upon checkout and enjoy their products without having to pay the full sum upfront. By linking a debit card to their Rely account, shoppers can split their purchases into three equal, interest-free monthly payments. The initial payment is collected at checkout, and the remaining sum is collected over the next two months.
Rely uses its proprietary decision engine, which harnesses the power of artificial intelligence and machine learning, to help determine shoppers’ repayment capabilities for each transaction.
With the use of this technology, spending limits are determined for each consumer to encourage responsible spending. Safeguards are also put in place to ensure that shoppers repay on time, and further purchases cannot be made if payments are not made on time.
Currently, Rely has established partnerships with leading e-commerce retailers such as Zalora, Zilingo, and Fitlion. This expansion is an addition to strengthening Rely’s data analytics capabilities to provide retailers and shoppers with an enhanced online shopping experience.
Read more at https://www.finews.asia/finance/28345-goldbell-financial-services-funds-fintech-rely-pay-later
Image Credit: Rely