Once enacted, non-bank credit providers such as BNPL providers will be required to comply with relevant prudential and conduct standards. theSun thesundaily BNM BNPL repayments ConsumerCreditAct
: The Buy Now Pay Later schemes continue to target selected segments of Malaysian households with the majority of users being younger and lower-income borrowers.
“About 44 per cent of BNPL users are aged between 18 and 30 years old. More than 80 per cent of BNPL users earn less than RM3,000 a month, and therefore, are more susceptible to financial stress,” said BNM. However, the financial stability risks associated with BNPL schemes remained limited as BNPL exposures accounted for only 0.05 per cent of total household debt.
Once enacted, non-bank credit providers such as BNPL providers will be required to comply with relevant prudential and conduct standards. Credit risk from the household sector remained manageable In the second half of 2022, quarterly growth of household debt was higher at 1.5 per cent, in line with ongoing improvements in the labour market and income conditions, said BNM.Notwithstanding this increase, the ratio of household debt-to-GDP fell further to 81.2 per cent , as nominal Gross Domestic Product grew at a stronger pace in the second half of 2022.
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