Lawmakers 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, 2022ASIC will target greenwashing, predatory lending and crypto investment scams, along with other "enduring" priorities involving misconduct and systemic compliance failures by large FIs.
November 7, 2022BNPL customers will not be allowed to accumulate more than SGD 2,000 in outstanding payments at any given time.
October 26, 2022The review was launched six months early in response to feedback from stakeholders. The findings are due to be reported by 1 March 2023.
October 20, 2022The Consumer Council is calling on non-bank BNPL service providers to apply for a Money Lenders Licence and to implement consumer protection measures "as soon as possible".
October 18, 2022