Singapore forms buy now, pay later working group to develop framework

The working group is calling out to local organisations offering BNPL to join their ranks.

The Singapore FinTech Association (SFA) has formed the Buy Now, Pay Later Working Group (BNPL WG) to develop a BNPL framework for Singapore, under the guidance of the Monetary Authority of Singapore.

The BNPL framework will mitigate risks of consumer over-indebtedness and ensure that BNPL offerings have “a positive impact on Singapore consumers as well as continue to benefit the system,” according to a press release.

BNPL WG aims to launch the framework in the second half of the year.

Members of the working group include Atome, Grab, and hoolah. Other industry players such as Ablr, Fave, Latitude Pay, Pace, Rely, Split, and Zip will also participate.

The BNPL WG is also calling out from now to 8 April 2022 to other organisations currently offering BNPL services or are planning to do so, to bolster its ranks further and participate in the development of the BNPL Framework.