By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
TechziTechziTechzi
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Search
© 2023 Techzi . All Rights Reserved.
Reading: Singapore’s BNPL Players Gear Up for Code of Conduct Debut
Share
Font ResizerAa
TechziTechzi
Font ResizerAa
Search
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Have an existing account? Sign In
Follow US
© 2023 Techzi . All Rights Reserved.
Fintech

Singapore’s BNPL Players Gear Up for Code of Conduct Debut

Osama Khalid
Last updated: February 12, 2024 1:52 pm
Osama Khalid
Share
2 Min Read
SHARE

Contents
What Does the Code Entail?How Compliance is Ensured?

Get ready for some rules of courtship, Singapore BNPL lovers! A new code of conduct for the “Buy Now, Pay Later” industry is set to take effect on the city-state’s dating scene.

As of November 1st this year, BNPL players will need to comply with this new set of guidelines for protecting consumer hearts and ensuring responsible lending practices. Then by March 2024, they’ll have to be officially accredited and committed – so no more playing the field!

Even new BNPL debutantes will have to follow the same process before offering services. No more sneaking onto the scene unvetted!

The code was created last October by the Singapore FinTech Association and some steadfast BNPL partners, with guidance from the Monetary Authority of Singapore.

What Does the Code Entail?

It includes six checks on creditworthiness, transparent fees, ethical marketing, voluntary exclusion options, and assistance for financial woes. You know, all the hallmarks of a healthy relationship!

BNPL firms will also share credit info through Experian’s private bureau. And an oversight committee will monitor adherence to the code – no cheating allowed!

How Compliance is Ensured?

For extra assurance, companies will undergo an audit by an independent assessor, with PwC conducting the first round. Compliant firms will get a trust valid for 3 years – like a relationship merit badge!

So no more playing the field, Singapore BNPLs! Time to commit and treat consumers right. Congrats on maturing into ethical lending practices.

TAGGED:div5

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook X Copy Link Print
Share
Previous Article The Fashion Disruptor Looking to Strike IPO Gold
Next Article Filipino Startup Plays Matchmaker, Scores Millions in Funding

Subscribe to our newsletter to get our newest articles instantly

Please enable JavaScript in your browser to complete this form.
=

Stay Connected

XFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow

Latest News

Techzi is Pausing
Media December 24, 2024
Twitch Pioneer Emmett Shear Launches Mysterious AI Venture
AI December 24, 2024
OpenAI CEO Labels Musk a ‘Bully’ in Latest Tech Titan Clash
AI December 24, 2024
AI Revolution Could Spark Live Entertainment Boom
Culture December 24, 2024

You Might also Like

AIFAANG

Zuckerberg Doubles Down on $15 Billion Metaverse Bet Despite AI Shift

February 12, 2024
Crypto & Web3

Crypto Payments Startup Oobit Raises $25M to Expand Global Reach

February 12, 2024
Fintech

Xendit Enters Thailand’s Thriving Digital Economy, Appoints Co-Founder as CEO

March 15, 2024
AI

James Green’s Prediction on ChatGPT Business

February 17, 2024
ClimateStartups

Climate Startups Beat the Odds with $8.1B Q1 Haul

May 9, 2024
VC

Funding Societies Raise Capital to Expand in Malaysia

February 12, 2024
Deep Tech

Meta Unveils Quest VR Headset Initiative for Classroom Education

April 22, 2024
Strategy

Sahil Bloom Conquers Your Fears and Passing the Sinatra Test

March 15, 2024
Startups

Meituan’s Food Delivery Arm Becomes No. 2 in Hong Kong Months After Launch

February 12, 2024
Strategy

How to “Outexecute” Everyone You Know

February 12, 2024
Fintech

Tonik Digital Bank Seeks Profitability, Lays Off Employees

March 6, 2024
Edutech

Databricks Launches Massive AI Upskilling Initiative in Singapore

September 8, 2024

Techzi

SE Asian tech news: Free & Comprehensive. Read more

Quick Links

  • Logistics
  • Marketplace
  • Mobility
  • Startups
  • VC
  • Food tech
  • Gaming
  • Health-Tech
  • Media
  • Social Media
  • SaaS
  • Travel

Quick Links

  • AI
  • Edutech
  • Climate
  • Creators
  • Crypto & Web3
  • Culture
  • Deep Tech
  • e-Commerce
  • FAANG
  • Fashion
  • Fintech

Techzi Tech Newsletter

FREE and Curated by Tech Insiders

Legal

Privacy Policy

Terms & conditions

TechziTechzi
Follow US
© 2024 Techzi . All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?