Singapore BNPL Firms to Adopt Consumer Protection Code by 2024

Singapore’s Buy Now, Pay Later (BNPL) sector is advancing with its Code of Conduct (BNPL Code), overseen by a group of BNPL firms and under the Monetary Authority of Singapore’s guidance.

Enacted in October 2022, the code mandates responsible lending and consumer protection, with existing BNPL players needing to comply by November 1, 2023, and achieve accreditation by March 31, 2024.

New BNPL companies are required to follow suit prior to operation. Currently, six BNPL providers including Ablr, Atome, Grab, and others, adhere to the code, which enforces credit checks, transparent fees, and ethical marketing.

Experian supports this initiative with a private credit bureau for information sharing among BNPL firms.

An independent audit, with PricewaterhouseCoopers for the initial assessment, will lead to a trustmark for compliant firms, enhancing consumer trust and indicating adherence on company platforms starting April 1, 2024.

AsiaTradeTimes.com

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