KUALA LUMPUR: The Consumer Credit Commission (SKP) will regulate the businesses of non-bank creditors and credit service providers, including buy-now, pay-later (BNPL) schemes.
Deputy Finance Minister Lim Hui Ying confirmed the commission’s establishment under the Consumer Credit Act 2025 following the bill’s recent passing in the Dewan Negara.
Credit providers must now comply with responsible conduct requirements, including assessment of borrowers’ debt affordability.
Lim addressed the Senate during a question-and-answer session in response to Senator Tiew Way Keng’s query about regulating BNPL services.
The government aims to prevent the public, especially youths, from falling into debt traps that could affect their future.
SKP will implement a complaint management system to ensure supervised credit providers handle complaints effectively.
The Consumer Credit Oversight Board Task Force will continue monitoring the BNPL industry and reviewing related issues. – Bernama
