TikTok has more than 300 million monthly active users in Southeast Asia and will launch a "buy and pay" service in Malaysia.

CTOnews.com, July 21 (Xinhua)-- TikTok's e-commerce platform TikTok Shop has recently established a partnership with Atome, a "buy-and-pay" service, to provide installment services in the Malaysian market, according to CNBC. This is the latest move by the company's e-commerce business into Southeast Asia.

▲ drawing source PixabayTikTok Shop will provide Atome service as a payment option, which will allow customers to apportion deferred payments over a period of three to six months. Atome is part of Singapore-based financial technology company Advance Intelligence Group, which is backed by major investors such as Softbank Corp. Vision Fund and Warburg Pincus.

Jonathan Low, head of TikTok Shop ecommerce strategy and special projects, said in a statement that the partnership was expected to boost TikTok ecommerce growth and enable merchants and small businesses to provide their customers with more convenient and flexible payment options.

TikTok has previously said it will inject billions of dollars into Southeast Asian markets over the next few years. As of April this year, TikTok had more than 325 million monthly active users in Southeast Asia.

In June, TikTok said it would invest $12.2 million (CTOnews.com Note: about 87.474 million yuan) to help more than 120000 small and medium-sized enterprises sell online, including cash subsidies, digital skills training and advertising credit for these enterprises.

In recent months, TikTok Shop has been actively expanding into e-commerce in Southeast Asia, competing with rivals such as Shopee, owned by Southeast Asian Internet giant Sea, and Lazada, owned by Alibaba.