The Fintech Times

DECEMBER 19, 2023

Buy now, pay later (BNPL) services have become significant in the realm of short-term unsecured consumer finance, often tied to specific products and offering instalment repayments, without accruing interest. The BNPL transaction involves three key players: the consumer, the merchant, and the BNPL service provider.

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BNPL Regulations Finance Consumer Protection 113

Fintech News

APRIL 28, 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. Buy Now, Pay Later Accredited Trustmark The trustmark signifies a commitment to responsible lending and consumer protection.

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BNPL Compliance Accreditation Consumer Protection 106

The Fintech Times

JULY 15, 2024

The American Fintech Council , the industry association representing responsible fintech companies and innovative banks, has welcomed new recommendations regarding buy now, pay later (BNPL) but warns that providers need more time to ensure compliance.

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BNPL Consumer Financial Protection Bureau (CFPB) CFPB Request for Comment 64

The Fintech Times

MAY 22, 2024

The Consumer Financial Protection Bureau (CFPB), a US government agency responsible for protecting consumers in the financial sector, has ruled that buy now, pay later (BNPL) lenders must treat consumers as credit card providers do, ensuring they receive the same key protections.

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BNPL Credit Cards Consumer Financial Protection Bureau (CFPB) CFPB 64

Fintech News

JUNE 5, 2024

Australia will introduce new legislation to amend the Credit Act, requiring Buy Now, Pay Later (BNPL) providers to hold an Australian credit license and comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC). The new laws aim to balance consumer protection with innovation and competition.

Regulations 106

Regulations BNPL Product Consumer Protection 106

Fintech Finance

JULY 15, 2024

“Regulatory clarity and consistent standards are critical for providers offering safe, transparent and responsible financial services and even more important for consumers who expect protections when utilizing financial services including Buy Now Pay Later,” said Phil Goldfeder, Chief Executive Officer of AFC. “We

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Consumer Financial Protection Bureau (CFPB) CFPB Rules BNPL 98

Global Fintech & Digital Assets

DECEMBER 21, 2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

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OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59