Should users wish to increase this limit, BNPL providers will complete an additional credit assessment. This will involve collecting users’ address, nationality and even CPF contribution information or income tax filings.
The Singapore FinTech Association (SFA), along with industry players Atome, Grab Financial Group and ShopBack, unveiled the Buy Now, Pay Later (BNPL) Code of Conduct on Oct 20.
Under the code, each BNPL provider will allow customers to accumulate no more than $2,000 in outstanding payments at any given time.
