- The official appointment by the Singapore FinTech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group involves Experian’s technological infrastructure to facilitate creditworthiness checks for consumers with users’ credit information submitted by all accredited BNPL players in Singapore.
- Formed by SFA and industry players including Atome, Grab Financial Group and ShopBack, the BNPL Working Group has also launched its BNPL Code of Conduct to protect consumers and ensure that BNPL offerings will continue to benefit the ecosystem.
SINGAPORE, 24 November 2022 – Experian – a leading global information services company – has announced its official appointment by the Singapore FinTech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group as the bureau operator for Singapore’s BNPL Working Group.
The appointment involves Experian’s leading global expertise to operate the BNPL bureau in Singapore with all accredited BNPL players sharing users’ credit information – such as outstanding BNPL balances, missed payments and delinquencies – to facilitate creditworthiness checks by Experian. The information will be leveraged by accredited BNPL players in providing BNPL services in accordance with the recently announced BNPL Code of Conduct.
The BNPL Code of Conduct was launched on 20 October 2022 by the BNPL Working Group, which was formed by SFA and industry players including Atome, Grab Financial Group and ShopBack. The Code of Conduct sets out guidance for BNPL service providers in Singapore to protect consumers and ensure that BNPL offerings will continue to benefit the ecosystem.
“We are very excited to be appointed by BNPL Working Group to provide the technological infrastructure for the BNPL Working Group and showcase Experian’s technology and expertise in the field. We’ve been operating BNPL bureaus in the United States and the United Kingdom, and this would be the first step in bringing our global expertise into the region,” said Maria Liu, Managing Director, Experian Greater China and SEA.
“The launch of the BNPL Code, which sets out clear guidelines and standards for consumer protection, represents a significant step forward within the industry to ensure that BNPL offerings continue to benefit the ecosystem. To succeed in our mandate, we recognise the importance of working with different facets of the industry, which is why we are delighted to partner with Experian to facilitate creditworthiness checks for consumers and ensure that consumers’ interests continue to be prioritised,” said Mr Shadab Taiyabi, President of SFA.
Kabir Khanna, General Manager, Experian Credit Services Singapore added, “Advocating for consumer affordability has always been at the core of our business and we are looking forward to working closely with SFA to tackle the issue of credit stacking among BNPL users. Along with the BNPL Code of Conduct, we believe that this will safeguard our consumers against credit risks and foster greater trust and transparency between BNPL providers and the customers they serve.”
Moving forward, Experian looks to roll out a series of knowledge sharing engagements for all accredited BNPL players in Singapore. This aims to bring global best practices from Experian’s BNPL bureau in the United States and the United Kingdom to Singapore and the region.