Singaporean fintech company Ablr has officially launched its buy-now-pay-later (BNPL) services in Malaysia, with the aim of promoting ethical financing for Malaysian consumers. This is achieved by embedding its flexible payment plans with a range of “life-fulfilling and life-enhancing products and services.”

As one of the latest BNPL services to enter Malaysia, Ablr allows users to pay for their purchases in monthly instalments, from 30 to 60 days, with zero interest. It also said in its FAQ that customers will not need to pay any signup fees in order to use Ablr’s BNPL service, nor will they be charged any hidden fees when using the service. All charges that must be paid will be clearly listed during the checkout process. 

Interestingly, Ablr also said that there will be no late payment fees or interest charged on late payments. Instead, you may be required to pay down payments or processing fees for specific purchases – but you will be informed of these charges (if applicable) when you check out. 

In terms of payment methods, Ablr currently accepts locally issued debit and credit cards (Visa and Mastercard). Meanwhile, it is unable to process payments made via prepaid, virtual, and American Express (AMEX) cards. 

Ablr is already available for you to use when you make in-store and online purchases at over 250 merchant points, both in Malaysia and Singapore. Some of the brands that allow BNPL payments through Ablr in Malaysia include Khind Malaysia and OSIM. If you wish to try out Ablr’s BNPL service, you will first need to create an account with Ablr via its website or mobile app, as per the following steps:

• Step 1: Tap on Get Started, followed by Create Account
• Step 2: Enter your mobile number, click on Proceed, and key in the OTP sent to you
• Step 3: Tap on Verify With CTOS for identity verification
• Step 5: Key in the required personal details, and go through the eKYC process

Upon successful verification, you’ll then have to add at least one payment method (credit or debit card) to proceed with a purchase. Note that your credit limit will be determined based on the information provided to Ablr. You may, however, increase the limit (up to RM15,000) by providing your bank statements of your salary crediting account for the past three months; your credit limit will then be adjusted accordingly. 

“More and more people are exploring new ways to pay that are convenient, safe, sustainable, and more budget-friendly with great deals, and together with our partners, we look forward to serving this untapped, underserved market for big-ticket essentials,” said the chief executive officer of Ablr Malaysia, Amanda Chin, adding that users can also use Ablr for expenses such as their families’ healthcare treatments, or upskilling courses. 

Additionally, Chin remarked that Ablr has been engaging the Consumer Credit Oversight Board (CCOB) to seek ways to support the CCOB’s agenda. Briefly, the CCOB was established in July last year to oversee all consumer credit activities in Malaysia, including BNPL schemes. 

“We essentially operate like a financial services company, although not regulated yet; hence having engagement with the CCOB, we hope to be at least on par with the other financial services, as well as to support our financial service sustainably through positive behaviour to avoid propagating negative habits,” Chin further said, adding that Ablr’s consumer-centric stance sets the company apart from other BNPL players in the country. 

Moving forward, Chin shared that Ablr is looking to provide more choices and convenience for its Malaysian customers, while encouraging them to spend as well as manage their finances more responsibly. 

“Gen Z and Millennials, especially, are the greatest users of BNPL and we see the demand for the type of products and services shifting as they become working individuals or progress in their careers. We want the products and services on Ablr and the merchants we onboard to reflect that shift and provide for meaningful, important offerings that add value throughout the different stages of their life cycle,” said Chin.  

(Sources: Ablr, New Straits Times, The Malaysian Reserve) 

• TAGS:
• Ablr
• Ablr Malaysia
• Amanda Chin
• BNPL
• BNPL Schemes
• Buy-Now-Pay-Later Payment Solution
• Buy-Now-Pay-Later Schemes
• Consumer Credit Oversight Board