Is BNPL losing steam?

Check out our top articles for the week. [Read from your browser]( Top Stories of The Week Hello {NAME} , For someone who writes about tech, I’m very slow to adopt new solutions - my friends would know. It took me years to update my Mac OS from Snow Leopard, and only because I had to - some apps weren’t working anymore. It was months after GrabPay first launched when I started using it. And it’s been almost a whole year since I’ve written this deep dive into [why the time is ripe for buy now, pay later (BNPL) in Asia]( but it seems the time still isn’t ripe for me to use the service. What can I say? I’m a stickler for the tried and tested, and where BNPL is concerned - well, I have my reservations. But a lot has changed in just nine months. In Singapore, the BNPL scene has exploded from just having four main players to over eight, and counting. Billion-dollar deals involving BNPL firms seem to be hitting the headlines weekly. Even Apple is reportedly working on its own pay-later solution. Amid all that exuberance, Singapore-based BNPL player Hoolah laid off a significant portion of its workforce last month in a restructuring effort. What’s more, the layoffs happened days after its CEO departed the company for personal reasons. What does one make of this: Is BNPL losing steam? Let us know what you think. -- Melissa, journalist at Tech in Asia --------------------------------------------------------------- THE BIGGEST STORIES 1️. [Days after CEO exit, Hoolah cuts jobs in restructuring effort]( The cost-cutting measure by the Singapore-based BNPL firm signals intensifying competition in the sector. 2. [A look at Grab’s sales figures as it cuts full-year outlook]( The IPO-bound company is expecting single-digit percentage growths over the remaining quarters of 2021. 3. [Binance loophole may allow users to skirt Singapore ban]( Binance released - then removed - a feature that could have helped Singapore users sidestep MAS orders. Then another loophole surfaced. 4. [Will GoTo’s SEA story entice enough investors?]( Following the sale of Gojek’s Thai unit, IPO-bound GoTo must decide whether to position itself as a regional firm or an Indonesia-focused business. 5. [How can ByteDance’s food delivery play succeed?]( ByteDance’s Douyin could cozy up to Meituan in China. However, the short-video platform’s foray into food delivery remains nascent. 6. [Alibaba-backed Ficus’ revenue falls, but operational cash flow improves]( Revenue for its ecommerce logistics business was hit despite the sector seeing a boost from the pandemic. 7. [UOB battles Sea, Gojek in Indonesia with TMRW digital bank]( TMRW has an ambitious plan to increase its user base tenfold by 2025, but it’s facing heated competition in its key markets. 8. [Byju’s aims to be profitable by FYE 2022 despite acquisition spree]( Even with a slew of recent acquisitions, the Indian edtech giant is eyeing overall profitability by March 2022. Will it succeed? 9. [Delivery bots may arrive sooner than you think]( Ecommerce players have been investing in the technology, and their efforts are bearing fruit. 10. [Temasek tags Philippine platform Lucky Shopping as scam]( The warning comes after a Lucky Shopping letter supposedly written by a Temasek executive made rounds online. --------------------------------------------------------------- EVENTS HAPPENING - [Alibaba Cloud x Tech in Asia Pitch Battle]( Pitch your startup and stand a chance to win US$60,000 in Alibaba Cloud credits amongst other perks. - [Startup Arena Pitch Battle: Rest of Southeast Asia Semifinals]( with East Ventures, B Capital, and DBS. Sep 22 - [Driving mobile app retention with customer-first mindset]( with Mixpanel, Netcore Cloud, MoneySmart, and Mindvalley. 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