Australia's Afterpay to expand into Asia with EmpatKali buy

Australian fintech firm Afterpay has announced its plans to expand its services to at least four continents, including Asia, to capitalize on the online shopping surge brought by Covid-19.

The plan would involve the acquisition of Singapore-based but Indonesia-focused buy-now-pay-later service EmpatKali, Reuters reported.

Founded in 2018, EmpatKali provides its users with installment-based payment solutions for both online and offline transactions. “They have got an established, albeit very early-stage position in Indonesia,” Afterpay CEO Anthony Eisen told the publication.

According to Bain, Google, and Temasek’s 2019 e-Conomy SEA report, Indonesia’s internet economy has more than quadrupled in size since 2015 and is estimated to reach US$130 billion by 2025.

For Southeast Asia overall, the report estimated the region’s internet economy to breach US$100 billion by the end of 2019. Ecommerce emerged as Southeast Asia’s biggest and fastest-growing sector last year, which was then valued at around US$38 billion.

In addition to Asia, Afterpay also announced its formal launch in Canada, as well as its plans to enter Spain, France, Italy, and possibly Portugal and Germany.

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Source: Australia’s Afterpay to expand into Asia with EmpatKali buy