'Buy now, pay later' schemes to come under industry code to protect consumers
This will be launched in the second half of the year; code should cement features already in place to limit debt accumulation
Singapore
THE "buy now, pay later" (BNPL) trend does not pose a significant risk as yet to consumer debt levels in Singapore, but a code of conduct for the industry will be launched in the second half of this year, the House was told on Tuesday (Apr 5).
The Monetary Authority of Singapore (MAS) is counting on industry self-regulation to manage risks for now, and a code of conduct by the Singapore FinTech Association is in the pipeline, said Minister of State for Trade and Industry Alvin Tan.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
