Alvin Tan on ‘buy now, pay later’ transactions
The Monetary Authority of Singapore (MAS) is closely monitoring the ‘buy now, pay later’ (BNPL) sector and has assessed that for now, effective self-regulation through an industry code should be enough to mitigate risks. A code of conduct is being developed and should be launched in the second half of this year. Minister of State and MAS board member Alvin Tan said this in Parliament on Tuesday (Apr 5) in answer to an MP’s questions. He said BNPL transactions currently make up a very small fraction of consumer payments - around S$440 million last year, or less than 0.5 per cent of total credit and debit card payments. He added that specific features of BNPL schemes offered in Singapore mean that they do not pose significant risks of consumer indebtedness.
The Monetary Authority of Singapore (MAS) is closely monitoring the ‘buy now, pay later’ (BNPL) sector and has assessed that for now, effective self-regulation through an industry code should be enough to mitigate risks. A code of conduct is being developed and should be launched in the second half of this year. Minister of State and MAS board member Alvin Tan said this in Parliament on Tuesday (Apr 5) in answer to an MP’s questions. He said BNPL transactions currently make up a very small fraction of consumer payments - around S$440 million last year, or less than 0.5 per cent of total credit and debit card payments. He added that specific features of BNPL schemes offered in Singapore mean that they do not pose significant risks of consumer indebtedness.
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