SSLCOMMERZ and CASHe Alliance have recently signed an MoU for developing a first-of-its-kind strategic partnership offering Buy-Now-Pay-Later (BNPL) services to millions of consumers and merchants.
Through this unique collaboration between the two industry leaders, they will combine their resources and expertise to democratise online retail in Bangladesh.
SSLCOMMERZ can enable its network of 100,000+ merchants to add BNPL as a payment option for its consumers, giving shoppers the ultimate financial freedom to buy according to their aspirations and pay back conveniently and securely, reads a press release.
SSLCOMMERZ plans to scale its platform to reach over a million merchants, all of whom could offer BNPL to its consumers, which will transform the country's consumer spending landscape.
CASHe Alliance's modular, scalable, and world-class technology uses alternative data sources to assess the creditworthiness of digital consumers in Bangladesh.
This technology enables the participating bank(s) and non-bank financial institutions (NBFIs) to make better lending decisions of BNPL products for its consumers.
This industry-defining partnership will benefit customers and merchants by increasing customer lifetime value, lower customer credit risks, and transforming customer experiences by making access to products and services affordable.
Ahmed Kamal Khan Chowdhury, group advisor, SSLCOMMERZ, said, "BNPL is a very dynamic, fast-moving space. We are the largest payment aggregator in Bangladesh and pioneers in the fintech space since 2010. As the market share leader, we want to keep innovating for our customers, and that's why the SSLCOMMERZ-CASHe Alliance partnership is a powerful combination."
"The consumer-oriented BNPL industry will exceed $1 trillion in annual gross merchandise volume globally by 2025. We are proud to be offering this innovative integration of our credit decisioning engine that will enable our partner bank(s) and NBFI(s) to offer BNPL to 100,000+ merchants in Bangladesh through our partnership with SSLCOMMERZ from day one and ultimately scale it up to million merchants," said Deepak Saluja, co-founder, group CEO of The Social Loan Company (TSLC), and vice-chairman, CASHe Alliance Ltd.
Deepak further said, "We have a proven tech stack and solution architecture that will support our big move into this exciting and untapped consumer financing niche in Bangladesh. We have had great success in deploying this tech stack with TSLC's subsidiary company in India. CASHe is India's leading financial wellness focused lend-tech, has over 20M consumers on its platform."
He hopes that together, working as one team with SSLCOMMERZ, his company wants to transform the country's payments and consumer spending landscape by augmenting their merchant partners' outreach and market share and giving young, dynamic Bangladeshi consumers affordable access and freedom to shop and pay, their way.