Global information services company Experian will operate the bureau of Singapore’s Buy Now, Pay Later (BNPL) Working Group, which will involve the company checking the creditworthiness of all the shared user credit information – such as outstanding balances, missed payments and delinquencies – of accredited BNPL players.
The information will be leveraged by accredited players in providing services in accordance with the recently announced BNPL code of conduct.
The code of conduct was launched on October 20 2022 by the BNPL Working Group, which was formed by the Singapore FinTech Association (SFA) and industry players, including Atome, Grab Financial Group and ShopBack.
The code sets out guidance for service providers in Singapore to protect consumers and ensure that BNPL offerings will continue to benefit the ecosystem.
“The launch of the BNPL code, which sets out clear guidelines and standards for consumer protection, represents a significant step forward within the industry to ensure that BNPL offerings continue to benefit the ecosystem,” says Shadab Taiyabi, the SFA’s president.
Maria Liu, Experian’s managing director for Greater China and Southeast Asia, adds: “We’ve been operating BNPL bureaus in the United States and the United Kingdom, and this will be the first step in bringing our global expertise into the region.”