PETALING JAYA: The Consumer Credit Act is being drafted to impose tighter regulations on credit providers, particularly those offering “buy now, pay later” services, says Bank Negara Malaysia .
“It aims to regulate the practices of non-bank entities offering credit services to consumers, in addition to regulating the providers of new credit products such as the BNPL service.” Meanwhile, the CCOB was quoted as saying that 2.9 million people were recorded using the BNPL service as of the third quarter of the previous year.It said three major providers, namely Shopee, Grab, and Atome, dominated the BNPL industry based on the total number and value of transactions recorded.
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