The buy now, pay later (BNPL) sector is growing rapidly, with there being 16 providers locally. To these service providers, the Ministry fo Domestic Trade and Cost of Living (KPDN) has urged that they “self-regulate, protect consumers and foster a positive culture”.
Bernama quotes KPDN deputy minister Fuziah Salleh as saying the above. She also said that the approach was needed pending more comprehensive law being introduced. “My advice to platform owners is to ensure their platforms are used responsibly and with integrity, as the e-commerce law has yet to be tabled in Parliament”.
This follows the passing of the Consumer Credit Bill 2025 earlier in the week. In turn, this will lead to the formation of the Consumer Credit Commission (CCC). When that happens, the commission will oversee six types of businesses, including BNPL providers and debt collection agencies, among others.
A total of 253 businesses are expected to fall under the oversight of the CCC. Regulatory function of the Housing Ministry and KPDN involving the aforementioned businesses will be transferred over to the CCC in 2028. Until then, the commission is tasked with enforcing standards, monitoring industry conduct, and advising the government on credit-related policy.
(Source: Bernama)
