The Singapore FinTech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group have appointed Experian to operate the BNPL bureau in Singapore.
All accredited BNPL providers in Singapore will submit their users’ credit information to Experian, including outstanding BNPL balances, missed payments and delinquencies, to enable it to conduct creditworthiness checks.
Singapore’s BNPL Working Group was formed by the SFA and several industry players, such as Atome, Grab Financial Group and ShopBack.
In October this year, the working group launched its BNPL Code of Conduct, which Shadab Taiyabi, president of the SFA, said “sets out clear guidelines and standards for consumer protection” and “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,” he added.
Maria Liu, managing director, Experian Greater China and SEA, said Experian will provide the technological infrastructure for the BNPL Working Group.
“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,” she added.
Experian plans to rollout a series of “knowledge sharing engagements” for all accredited BNPL providers in Singapore.
Kabir Khanna, general manager, Experian Credit Services Singapore, said: “Advocating for consumer affordability has always been at the core of our business and we are looking forward to working closely with SFA to tackle the issue of credit stacking among BNPL users.
“Along with the BNPL Code of Conduct, we believe that this will safeguard our consumers against credit risks and foster greater trust and transparency between BNPL providers and the customers they serve.”
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