The group, which is formed by the Singapore FinTech Association (SFA) and industry players and under the guidance of the Monetary Authority of Singapore (MAS), says that players must meet and be engaged with two new standards.
Players who are offering buy now, pay later (BNPL) services will need to comply with an updated code of conduct from Nov 1 and be accredited by March 31, 2024, according to the BNPL working group. The announcement comes after Singapore-based BNPL startup Pace filed to voluntarily wind up its operations due to liabilities on Nov 8.
The BNPL code of conduct was first launched a year ago to guide players and ensure that users do not take on too much debt.
