Singapore FinTech Association (SFA) and Buy Now, Pay Later (BNPL) Working Group have selected information services firm Experian to operate the country’s BNPL bureau.
As part of the move, Experian will leverage its technological infrastructure to help firms with creditworthiness checks on consumers.
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The company will perform the checks based on consumers’ credit information shared by the accredited BNPL firms in Singapore.
BNPL players will provide Experian with several credit information of the consumers, including pending BNPL balances as well as missed payments and delinquencies.
They will then use the Experian input while offering BNPL services to clients.
They will also take into account the new BNPL Code of Conduct, which was introduced last month by the BNPL Working Group.
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By GlobalDataThe code was created by SFA along with several industry players, such as Atome, Grab Financial Group and ShopBack.
SFA president Shadab Taiyabi said: “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.”
In addition, Experian plans to launch a series of knowledge sharing activities for the accredited BNPL players in Singapore.
The company currently runs BNPL bureaus in the US and the UK.
