Consumer financial data service provider Experian has been appointed as the bureau operator for Singapore’s Buy Now, Pay Later (BNPL) Working Group by the Singapore Fintech Association (SFA).
Experian will facilitate creditworthiness checks for consumers with users’ credit information submitted by all accredited BNPL players in Singapore.
This includes outstanding BNPL balances, missed payments and delinquencies.
This information will be leveraged by accredited BNPL players in providing BNPL services in accordance with the recently announced BNPL Code of Conduct.
It sets out guidance for BNPL service providers in Singapore to protect consumers and ensure that BNPL offerings will continue to benefit the ecosystem.
The code of conduct was launched by the BNPL Working Group, which was formed by the SFA and industry players including Atome, Grab Financial Group and ShopBack, under the guidance of the Monetary Authority of Singapore (MAS).
Experian will also be rolling out a series of knowledge sharing engagements for all accredited BNPL players in Singapore to share global best practices from its BNPL bureau in the US and UK.
Maria Liu
“We are very excited to be appointed by BNPL Working Group to provide the technological infrastructure for the BNPL Working Group and showcase Experian’s technology and expertise in the field.
We’ve been operating BNPL bureaus in the United States and the United Kingdom, and this would be the first step in bringing our global expertise into the region,”
said Maria Liu, Managing Director, Experian Greater China and SEA.
Shadab Taiyabi
“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.
To succeed in our mandate, we recognise the importance of working with different facets of the industry, which is why we are delighted to partner with Experian to facilitate creditworthiness checks for consumers and ensure that consumers’ interests continue to be prioritised,”
said Shadab Taiyabi, President of SFA.
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- Source: https://fintechnews.sg/67231/lending/singapore-fintech-association-appoints-experian-to-operate-its-bnpl-bureau/
