It is with great pleasure to announce that Mazars has assisted Latitude Financial Services (Latitude) in its successful business expansion into Singapore and the region.
Latitude, Australia's leading interest free shopping and credit provider, marked its entry into the Singapore financial market with its long-standing retail partner Harvey Norman.
Latitude has rolled out LatitudePay, its Buy Now, Pay Later (BNPL) services online and in stores in Singapore. LatitudePay is now available in leading retailers such as Harvey Norman, Gain City, M1, Hisense and more. This signifies a first major step in Latitude’s plans to rapidly expand its instalments business into key Asian markets.
Mazars has played a key role in helping Latitude to set up the operations of its instalments business in Singapore and identify new avenues for growth in the city-state and across the region.
In November 2021, Mazars was appointed by Latitude to provide accounting and tax services which included the incorporation of entities in Singapore followed by Accounting, Payroll, Corporate Secretarial and Tax services.
The market expansion is advised by Justin Lim (Director of Outsourcing and Head of Corporate Secretarial) and Elaine Chow (Tax Director, APAC) who worked closely together to facilitate this significant milestone.
With its strategic location as well as vibrant fintech landscape and retail sector, Singapore is known as the preferred regional springboard for businesses. In recent years, the country has also witnessed a widespread adoption of BNPL services, with BNPL payments expected to grow by 52.6% on annual basis to reach US$ 773.9 million in 2022 [i].
These developments are among the reasons why Singapore makes an ideal entry market for Latitude to expand and explore business opportunities across Asia. We hope that Latitude will continue scaling new heights and create value in the region.
Once again, Mazars extends its heartiest congratulations to Latitude for this exciting milestone! Mazars will continue to support Latitude in its international expansion plans in other countries across Asia.
[i] Research and Markets, 2022.