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The number of BNPL solutions available to Singapore consumers has increased in recent years, and merchant adoption is growing. However, many of his BNPL providers were unable to report the information due to concerns about the negative impact on consumer credit scores.
The BNPL working group Singapore Fintech Association (SFA) under the guidance of Monetary Authority of Singapore (MAS).
Qualified BNPL players share user credit information for credit checks by Experian. This information includes her outstanding BNPL balance, unpaid and delinquent.
This information is consistent with the Group’s BNPL Code of Conduct.of code Set guidance for BNPL service providers to protect consumers and ensure that BNPL services benefit the ecosystem. Advocates can view certified trustmarks.
It is intended to embody best practices such as:
We recognize the importance of working with different facets of the industry to succeed in our mission. Shadav Taiabi, President of SFA. We are pleased to partner with Experian to facilitate consumer credit checks and ensure that profits continue to come first.
We operate BNPL offices in the US and UK and this will be the first step in bringing our global expertise to the region, he added. Maria LiuManaging Director, Experian Greater China and SEA.
in the meantime Kabir Khanna General Manager of Experian Credit Services Singapore said:
Going forward, Experian will roll out a series of knowledge sharing agreements for all accredited BNPL players in Singapore. It aims to bring global best practices from his BNPL offices of Experian in the US and UK to the region.
Launched earlier this year, Experian’s bureau provides real-time reporting on consumer BNPL activity. BNPL payments are expected to grow by 44.2% on an annual basis. $614.6 billion 2022.
