# ShopBack

> Source: https://docs.barcoder.ai/docs/wallets/shopback
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [ShopBack — official](https://www.shopback.com/)

## Overview

**ShopBack** is **Singapore-headquartered Southeast Asia cashback + PayLater + ShopBack Pay platform** <sup>[1][1], [2][2], [global-cro]</sup>. **40+ million users across 11 markets** (Singapore + Malaysia + Indonesia + Philippines + Thailand + Vietnam + Taiwan + Australia + Korea + Germany + India).

**Singapore baseline**: **2.1-2.5+ million Singaporean users** (over half of SG online-shoppers).

**ShopBack PayLater + Pay (2025)** <sup>[3][3]</sup>:
- **Distinctive cashback + BNPL bundling**: Existing ShopBack users can **offset PayLater bills with available Cashback** — rewards-and-payments integration.
- **Hoolah acquisition**: BNPL provider consolidation example.

**2025 caveat** <sup>[4][4]</sup>: **ShopBack ends BNPL service in Singapore + Malaysia by 22 March 2025** — strategic shift away from BNPL while retaining ShopBack Pay cashback core.

**Singapore BNPL macro (2025)** <sup>[3][3]</sup>: **>$1.32 billion BNPL market in 2025**; projected **$1.94B by 2030** — Singapore's BNPL ecosystem features ShopBack PayLater (now ended SG+MY Mar 2025) + Atome + Grab PayLater + Pace + LatitudePay + SeaMoney + Ablr + Rely + Octifi.

## History

**2014 — ShopBack founded** <sup>[1][1]</sup> in Singapore by **Henry Chan + Joel Leong + others**.

**2015-2020 — SEA + Australia expansion** <sup>[2][2]</sup>: 11 markets (SG + MY + ID + PH + TH + VN + TW + AU + KR + DE + IN).

**2021-2022 — Hoolah BNPL acquisition** <sup>[3][3]</sup>: BNPL consolidation entry.

**2022-2024 — ShopBack PayLater + Pay launch** + 40M+ user mark.

**March 22, 2025 — ShopBack ends BNPL in SG + MY** <sup>[4][4]</sup>: Strategic shift; retains ShopBack Pay cashback core.

## Ownership & operator

**Operating entity**: **ShopBack Pte. Ltd.** (Singapore-headquartered).

**Co-founders**: **Henry Chan (CEO) + Joel Leong + Caroline Chan + Bryan Chua + Yvonne Chia + Lucas Ngoo + Karena Belin (collaborators)**.

**Major investors**: **Temasek + Soros Fund Management + Asia Partners Fund Management + Singtel Innov8 + Credit Suisse + Rakuten Ventures + EV Growth** + others.

**Regulators**: **MAS (Singapore)** + per-country (multiple SEA + Australia ASIC + Korea + Germany + India RBI).

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | ShopBack mobile app (iOS + Android) + browser extension |
| **Identifiers** | Phone + email + card number |
| **SG rails** | **[PayNow QR](https://docs.barcoder.ai/docs/standards/paynow-qr) + [SGQR](https://docs.barcoder.ai/docs/standards/sgqr)** (MAS national instant payment + national QR) |
| **Sub-products** | ShopBack Cashback + ShopBack Pay (in-store + online) + ShopBack PayLater (ENDED SG + MY March 22, 2025) + ShopBack Vouchers |
| **Coverage** | 11 markets across SEA + Australia + Korea + Germany + India |
| **Distinctive** | Cashback + BNPL bundling — PayLater bills offsettable with Cashback (pre-Mar 2025 SG+MY end) |
| **License** | Per-country payment services + payment acceptance |

## Users & growth

**2025 baseline** <sup>[2][2]</sup>:
- **Total SEA + global users**: 40+ million across 11 markets
- **Singapore**: 2.1-2.5+ million (over half of SG online-shoppers)
- **March 22, 2025**: ShopBack ends BNPL in SG + MY (strategic shift; retains ShopBack Pay cashback)
- **Hoolah BNPL acquisition** (consolidation example)

## Use cases

SEA + Australia + Korea + Germany + India cashback shopping (10K+ partner brands); ShopBack Pay in-store + online payments; PayLater BNPL (ended SG + MY March 22, 2025; remaining markets); ShopBack Vouchers; rewards-and-payments integration.

## Implementations & partners

**Operator**: **ShopBack Pte. Ltd.** (Henry Chan CEO + Joel Leong co-founders).

**Major investors**: **Temasek + Soros Fund Management + Asia Partners Fund + Singtel Innov8 + Credit Suisse + Rakuten Ventures + EV Growth** + others.

**Acquisitions**: **Hoolah** (BNPL consolidation 2021-2022).

**Major SEA cashback + BNPL competitors**:
- **Atome** (SG SEA BNPL — Advance Intelligence Group)
- **Grab PayLater** (Grab BNPL within Grab ecosystem)
- **Pace** (SG SEA BNPL)
- **SeaMoney + ShopeePay** (Sea Group SEA-wide cashback + payments)
- **LatitudePay** (Australia BNPL with SEA expansion)
- **Akulaku** (Indonesia-anchored multi-country BNPL)
- **[BillEase](https://docs.barcoder.ai/docs/wallets/billease)** (PH leading independent BNPL)
- **Rakuten Rewards** (US/global cashback rival)

**Regulators**: **MAS + per-country**.

## Fun facts

- **2014 Singapore founding** by Henry Chan + Joel Leong + co-founders.
- **40M+ users across 11 markets**.
- **Hoolah BNPL acquisition (2021-2022)** — BNPL consolidation example.
- **March 22, 2025 — ShopBack ends BNPL in SG + MY** — strategic shift away from BNPL.
- **Distinctive cashback + BNPL bundling** (pre-Mar 2025 SG+MY end) — PayLater bills offsettable with Cashback.
- **Backed by Temasek + Soros + Asia Partners + Singtel Innov8 + Credit Suisse + Rakuten**.
- **2.1-2.5+M Singapore users** (over half of SG online-shoppers).

## Comparison

| Feature | ShopBack | Atome (SG SEA BNPL rival) | Grab PayLater (Grab BNPL within Grab ecosystem) | [BillEase](https://docs.barcoder.ai/docs/wallets/billease) (PH leading independent BNPL) | Rakuten Rewards (US/global cashback analogous) |
|---|---|---|---|---|---|
| Operator | **ShopBack Pte. Ltd. (Henry Chan CEO + Joel Leong co-founders; Temasek + Soros + Asia Partners + Singtel Innov8 + Credit Suisse + Rakuten backed)** | Atome (Advance Intelligence Group) | Grab Holdings (NASDAQ: GRAB) | First Digital Finance Corporation / BillEase | Rakuten Group |
| Type | **SEA cashback + ShopBack Pay + BNPL (ended SG+MY Mar 2025)** | SG SEA BNPL | Grab BNPL within Grab ecosystem | PH leading independent BNPL | US/global cashback |
| Country | 11 markets (SEA + AU + KR + DE + IN) | SG + SEA | 8 SE Asian | Philippines | US + global |
| Users | **40M+ across 11 markets; 2.1-2.5M+ SG users** | Major SEA | 46.2M Grab MTU group | 10M+ | Major US |
| Distinctive | **Cashback + BNPL bundling (pre-Mar 2025 SG+MY end); Hoolah acquisition; Mar 22 2025 SG+MY BNPL exit** | SG SEA BNPL anchor | Grab super-app integration | More active PH users than Grab per BNPL pure-player rankings | Rakuten Group cashback heritage |

## Status

**Active, SEA cashback + ShopBack Pay platform with strategic BNPL exit in SG+MY** <sup>[2][2], [4][4]</sup>:
- **ShopBack Pte. Ltd. (Henry Chan CEO + Joel Leong co-founders)** since 2014.
- **40M+ users across 11 markets (SG + MY + ID + PH + TH + VN + TW + AU + KR + DE + IN)**.
- **March 22, 2025 BNPL exit in SG + MY** — strategic shift; retains ShopBack Pay cashback core.
- **2.1-2.5M+ SG users (over half of SG online-shoppers)**.
- **MAS + per-country regulated**.

## Sources

[1]: https://www.shopback.sg/ "ShopBack SG — official"
[2]: https://www.debia.co/post/shopback-pay-singapore "ShopBack Pay SG + 40M users 11 markets — Debia"
[3]: https://www.globenewswire.com/news-release/2025/10/29/3176414/28124/en/Singapore-Buy-Now-Pay-Later-Business-Report-2025-A-1-94-Billion-Market-by-2030-Featuring-Atome-ShopBack-PayLater-Grab-PayLater-Pace-LatitudePay-SeaMoney-Ablr-Rely-and-Octifi.html "SG BNPL market 2025 + ShopBack PayLater context — GlobeNewswire"
[4]: https://fintechnews.sg/89532/lending/shopback-to-end-bnpl-service-in-singapore-and-malaysia-by-22-march/ "ShopBack ends BNPL SG+MY Mar 22 2025 — Fintech Singapore"

- [1] [ShopBack SG — official][1]
- [2] [ShopBack Pay + 40M users — Debia][2]
- [3] [SG BNPL market 2025 — GlobeNewswire][3]
- [4] [ShopBack ends BNPL SG+MY — Fintech Singapore][4]
- [global-cro] In-corpus: see country reports across 11 SEA + AU + KR + DE + IN markets

## Source

Biography extracted from [shopback.md](https://docs.barcoder.ai/source/wallets/shopback). See `matrix.md` for standards-support matrix if present.