BNPL providers prioritise accreditation
By early 2024, Atome and ShopBack are expected to receive accreditation. A third major player in the sector, Grab PayLater did not respond to queries about the accreditation.
Buy Now, Pay Later providers in Singapore are required to be re-accredited every three years, get a trust mark, and a listing in the BNPL registry. To do so, they must meet the requirements.
In 2022, the BNPL Working Group formed by the Singapore FinTech Association released an industry-led Code of Conduct with the guidance of MAS. This outlines BNPL best practices and improves consumer protection. Furthermore, it also minimises the risks of consumers plunging into indebtedness.
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“ShopBack believes that this milestone benefits consumers as a whole, whilst ensuring that BNPL offerings continue to operate in an ethical, healthy, and sustainable ecosystem. We remain dedicated to honouring ShopBack customers with simpler, more transparent, and fairer financial solutions,” stated ShopBack in a LinkedIn post.
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