Bank Negara Malaysia set to implement consumer credit law
“Long-awaited” law will regulate consumer lending in Malaysia, including “buy now, pay later”
Malaysian regulators are working towards implementing the Consumer Credit Act next year, a law that would regulate all consumer lending activities, including the growing “buy now, pay later” (BNPL) sector.
Bank Negara Malaysia, the Ministry of Finance and the Securities Commission will be collaborating on the law, BNM governor Nor Shamsiah Mohd Yunus told local reporters on November 12, according to Malaysian newspaper The Star.
BNPL has become latest fintech bonanza, allowing users to make
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