Abnk, Atome, Grab, and SeaMoney Earn Singapore BNPL Compliance Trustmark

Abnk, Atome, Grab, and SeaMoney Earn Singapore BNPL Compliance Trustmark

by April 29, 2024

Abnk, Atome, Grab, and SeaMoney have been awarded the accredited Trustmark by the Singapore Fintech Association (SFA) and the Buy Now, Pay Later (BNPL) Working Group as of 19 April 2024.

This distinction, effective from 1 May 2024, allows consumers to easily recognise these accredited providers, signaling their compliance with the stringent standards set out in the BNPL Code of Conduct.

Buy Now, Pay Later Accredited Trustmark

The trustmark signifies a commitment to responsible lending and consumer protection. It will be prominently displayed on the service providers’ websites and other communication channels.

The accreditation was granted following a meticulous evaluation process conducted by SFA, with an independent assessment by Price Waterhouse Coopers (PwC).

Experian has been instrumental in working closely with the BNPL service providers to facilitate the credit sharing process and ensuring the successful implementation of the private credit bureau.

Introduced in October 2022, the BNPL Code of Conduct aims to mitigate risks of consumer over-indebtedness and ensure fair practices within the sector.

It includes several consumer protections, such as limits on outstanding payments, caps on fees, transparent disclosures, and ethical marketing standards.

Shadab Taiyabi

Shadab Taiyabi

Shadab Taiyabi, President of SFA said,

“Relying on an industry-led code highlights the growing maturity of the fintech sector and I am pleased that all four BNPL service providers have taken proactive steps to ensure they implement robust safeguards that protect both consumers and merchants.

 

I would like to express my deepest appreciation to the BNPL service providers for their strong cooperation in the evaluation process and for providing their fullest support in adhering to the standards laid out in the BNPL Code of Conduct.”

MAS Assistant Managing Director (Policy, Payments and Financial Crime), Ms Loo Siew Yee

Loo Siew Yee

Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS said,

“We welcome the award of the BNPL Trustmark by the SFA to the four BNPL firms. The Trustmark recognises their efforts in implementing the safeguards in the BNPL Code of Conduct, which are aimed at protecting their users’ interest and mitigating the risk of consumer debt accumulation.

 

The Trustmark will help consumers make informed decisions when choosing BNPL service providers. MAS will continue to work with the industry to ensure that the BNPL Code of Conduct remains effective in upholding users’ interests.”

 

Featured image credit: Edited from Freepik