Singapore, 8 September 2020: Singapore-headquartered fintech startup OctiFi has launched their buy-now, pay-later financing platform to the Singapore market. The company aims to streamline financing by bringing its solutions to all sales channels: be it offline, online, traditional, small, large or even live-commerce. With more than 30 companies already using the service, OctiFi has successfully market-tested the service and plans to offer its service to the wider Singapore market.
OctiFi offers consumers the option to pay an interest-free instalment over a given period, after which they can earn further cashback rewards for paying before the due date. As we get used to the ‘new normal’, the need for a service like OctiFi that benefits both online and offline merchants – such as traditional retailers and service providers – is evident to help boost the economy.
OctiFi Founder and CEO Ed Chin said, “Our mission is to serve those who would benefit the most from access to credit and those who struggle without it. Whether you are an individual or a small business, OctiFi makes it a bit easier to endure challenging times. In line with this mission, we are reimagining how credit can be accessed in a post-pandemic world. Whether you shop online, find deals through live chat, or buy from your favourite local vendor, the demand for instant affordable credit is fast becoming the norm.”
Launched in 2020, the company has already secured a substantial client base ranging from established retail brands such as Evisu to traditional brick-and-mortar merchants like Accrelist, Goken Aesthetics, Airple Construction, Mobot and Avante. All of them have a common goal: to provide genuine solutions for financial inclusion, which can be achieved with OctiFi’s non-predatory pricing loan subsidies and interest-free instalments.
Mobile first, app-based approach
Since the COVID-19 pandemic has forced people into their homes, many consumer purchases have shifted online, even for big-ticket items. As stores start to open up, OctiFi positions itself in the middle of that transition, allowing similarly smooth and cashless processes even for brick-and-mortar businesses. Its unique app-based approach is both user-friendly and accessible, allowing for easy transactions.
One brand providing OctiFi’s solution to its customers is Japanese designer brand Evisu, which has both retail stores as well as an online presence in Singapore. Through this partnership, soon, Evisu customers will have access to OctiFi’s buy-now-pay-later services whether they shop in-store or purchase goods on the Evisu website.
David Pun, CEO of EVISU, “We want to make the checkout experience better for all of our customers by offering them an instalment plan that is easy to use right from their mobile phone. We are excited to offer a buy-now-pay-later solution that is attracting a new base of young customers to EVISU .”
Financial inclusion as a key to driving conversions
According to a US study, 54% of millennial shoppers prefer paying through instalments over a 10% discount. In today’s uncertain economic environment, many consumers are averse to the idea of big-budget spending, primarily because of high-interest fees for instalment plans and the thought of spending large amounts at one go. In particular, many younger consumers do not like spending with traditional credit cards due to high-interest rates and hidden charges. With 0% interest and no hidden fees, OctiFi provides a one-stop solution that incentivises and lends more buying power to customers, which in turn increases sales.
Delia, Sales Manager of Airple Construction, “With OctiFi, we are able to provide flexible payment options to our loyal customers. This also gives us an edge over our competitors. Amidst the pandemic, a lot of people are forced to spend from their savings and are trying to manage their finances. This is where OctiFi comes in.”
What makes OctiFi unique is that its payment solution is also applicable to traditional services such as home repair or beauty and health providers that may not have a strong online presence or none at all. By providing a mobile and web solution, merchants can simply provide a QR code or mobile link via Whatsapp to their customers. Additionally, the platform is fully compatible with live commerce as well, as it offers merchants real-time custom pricing solutions.