- Abnk, Atome, Grab, and SeaMoney – received TrustMark accreditations in Singapore.
- The accreditation signifies adherence to the Buy Now, Pay Later Code of Conduct.
- The code aims to protect consumers from overindebtedness.
The Singapore Fintech Association (SFA) alongside the Buy Now, Pay Later Working Group recently awarded TrustMark accreditations to four service providers: Abnk, Atome, Grab, and SeaMoney.
This accreditation signifies these companies’ adherence to guidelines outlined in the newly implemented Buy Now, Pay Later Code of Conduct (BNPL Code). An independent assessment conducted by PricewaterhouseCoopers preceded the SFA’s evaluation and accreditation.
Keeping consumers out of the red zone
Under the BNPL Code, accredited players prohibit customers from accumulating over S$2,000 (US$1,470) in outstanding payments unless undergoing an additional assessment. Financial hardship assistance must be offered, and all fees, including late charges, are capped.
These measures aim to protect customers from overindebtedness, a primary objective since the code’s development in 2022 by the SFA and BNPL Working Group comprising players like Atome, Grab Financial Group, and ShopBack.
Regulators keeping a watchful eye
Loo Siew Yee, Assistant Managing Director at the Monetary Authority of Singapore (MAS), stated, “MAS will continue collaborating with the industry to ensure the BNPL Code of Conduct effectively upholds users’ interests.”
This commitment comes amid the region’s deferred payments industry’s tumultuous year, witnessing closures and discontinued services from notable players.
To read the original article: https://www.techinasia.com/abnk-atome-grab-seamoney-receive-trustmark-singapore-fintech-association
