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Nov 24 2022 /

Experian


EXPERIAN APPOINTED TO OPERATE SINGAPORE’S “BUY NOW, PAY LATER” BUREAU


 * 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.

Read full article



By Experian 11/24/2022

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