Alvin Tan on safeguards against risks in Buy Now, Pay Later transactions
Buy Now, Pay Later (BNPL) transactions remain small compared with other means of consumer payment, accounting for about one per cent of the value of total credit card and debit card payments in the first half of 2024. Currently, the Monetary Authority of Singapore (MAS) does not regulate BNPL firms, but those operating in Singapore have committed to a code of conduct to mitigate the risk of debt accumulation and protect user interests. MAS continues to monitor developments in the sector and will review its regulatory framework as appropriate. Minister of State for Trade and Industry and MAS Board Member Alvin Tan said this in reply to an MP’s questions in parliament on Friday (Feb 28).
Buy Now, Pay Later (BNPL) transactions remain small compared with other means of consumer payment, accounting for about one per cent of the value of total credit card and debit card payments in the first half of 2024. Currently, the Monetary Authority of Singapore (MAS) does not regulate BNPL firms, but those operating in Singapore have committed to a code of conduct to mitigate the risk of debt accumulation and protect user interests. MAS continues to monitor developments in the sector and will review its regulatory framework as appropriate. Minister of State for Trade and Industry and MAS Board Member Alvin Tan said this in reply to an MP’s questions in parliament on Friday (Feb 28).
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