PETALING JAYA: The fast-growing buy now pay later (BNPL) space which is expected to be regulated and come into force by the end of this year under Phase 1 of the Consumer Credit Act (CCA) is timely, as it will ensure responsible lending and help the vulnerable from falling into debt traps.
With the rising cost of living from higher inflationary pressures, industry observers said it was high time that BNPL schemes be regulated to help vulnerable individuals and groups, including micro and small enterprises, from being debt-laden.
The global economic slowdown anticipated this year would see higher debt levels among the lower-income group, and as such, the regulation placed upon the local BNPL market is timely, said experts.
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