BNPL providers will be required to hold Australian Credit Licences and comply with Responsible Lending Obligations, among other requirements.
May 23, 2023The new consultation paper covers licensing, financial, governance and conduct requirements for unregulated credit services including BNPL providers.
April 6, 2023AFCA has received more than 3,300 complaints against BNPL providers since 2018. ASIC supports regulating BNPL under the National Credit Act.
February 17, 2023The legislation will bring BNPL products under the FCA's regulatory remit, and require BNPL providers to conduct affordability checks.
February 15, 2023Lawmakers are concerned that the growth of the BNPL sector could lead to a crisis similar to the 2005/2006 credit card crisis in Taiwan.
January 8, 2023The government will also empower the RBA to regulate digital wallet providers and improve the regulatory framework for crypto service providers.
December 15, 2022Experian will facilitate creditworthiness checks for consumers using credit information submitted by all accredited BNPL players in Singapore.
December 1, 2022The options seek to ensure BNPL is subject to appropriate regulation that balances consumer protection while still encouraging innovation.
November 29, 2022Openpay failed to establish, implement, and maintain an AML/CFT programme and to adequately monitor accounts and transactions.
November 9, 2022BNPL providers will be required to conduct affordability checks on customers above a proposed value of NZD 600.
November 9, 2022