Loans and e-commerce come together on one platform as Singapore fin-tech start-up, Onelyst, launched its new product on November 1.
Rely allows individuals who do not meet minimum income requirements for credit cards to buy items via instalment plans.
The eighteen-month-old start-up has nabbed a major online retailer as one of its first partners for Rely. It also has plans to enter the Indonesian market next March.
"What we are doing (through Rely) is to help this group of under-served people to afford products that they really need in their life," said Mohamed Abbas, 25, co-founder of Onelyst.
Abbas, who recently made it to Forbes’ 30 Under 30 list in Asia, adds: "Through analysing our database, we understood that there is a huge segment of people who have stable incomes and good repayment ability, but do not have credit options."
While Rely is the first platform of its kind in Singapore, there are other similar offerings elsewhere. In the US, for instance, FuturePay and GetFinancing both give online shoppers the option to shop at participating retailers on credit.
Rely will start off as a mobile-friendly website focusing on consumer electronics. Its goal: growing into a mobile application offering a wider range of products.
The platform’s users will be able to choose products, from handphones to tablets, offered by partner retailers, before requesting to buy the items on credit.
The start-up then uses its internal score, developed through deep data analytics and analysis of non-traditional data points across users’ digital footprint, to complete its credit approval.
Once approved, the buyer will receive the merchandise, and repay through instalments.