KUALA LUMPUR: The Consumer Credit Commission (SKP) will regulate the businesses of non-bank creditors and credit service providers, including the ‘buy now, pay later’ (BNPL) schemes, said Deputy Finance Minister, Lim Hui Ying.
She said the SKP has been established under the Consumer Credit Act 2025 (CCA), following the recent passing of the Consumer Credit Bill 2025 in the Dewan Negara.
“Under the CCA, credit providers are required to comply with responsible conduct requirements, including assessment of borrowers’ debt affordability,” Lim said during the question-and-answer session in the Dewan Negara today.
She said this in response to a question from Senator Tiew Way Keng, who asked about the government’s move to regulate BNPL services as soon as possible, thereby preventing the public, especially youths, from falling into debt traps that could affect their future.
Lim said the SKP will also implement a complaint management system to ensure that credit providers and service operators under its supervision handle complaints effectively.
She added that the Consumer Credit Oversight Board Task Force will continue to monitor the BNPL industry and review related issues for the time being. – BERNAMA
