BNPL code compliance becomes mandatory
An oversight committee will supervise and monitor code compliance.
The Buy Now, Pay Later (BNPL) Working Group formed by SFA and MAS announced that its Buy Now, Pay Later Code of Conduct (BNPL Code) has entered its next phase of implementation.
On 1 November, it became mandatory for all existing BNPL service providers to comply with the code. By 31 March 2024, all providers must get accreditation.
Existing BNPL providers in Singapore include Ablr, Atome, Grab, LatitudePay, ShopBack, and SeaMoney.
New BNPL entrants will also need to comply with the code prior to offering BNPL services in Singapore.
Under the BNPL Code, a private credit bureau to facilitate credit information sharing.
BNPL providers must undergo an audit by an independent assessor to ensure their compliance with the code.
An Oversight Committee (OC) will supervise and monitor code compliance.
The OC members are Adrian Ang, partner at Allen & Gledhill LLP; Rose Tong, executive director of Singapore Retailers Association; Rolf Haudenschild, co-founder and head of Regulatory & Risk Services of Ingenia Consultants; and Tan Huey Min, general manager of Credit Counselling Singapore.