Launch Of Buy Now, Pay Later Code Of Conduct

A. Introduction

A code of conduct outlining best practices for "buy now, pay later" (BNPL) providers (the BNPL Code) was introduced on 20 October 2022 following seven (7) months of discussions among industry players, and will take effect on 1 November 2022.

Since 2020, BNPL transactions in Singapore have more than tripled, with the latest figures valuing BNPL transactions in Singapore at S$440 million. In response, a working group (consisting of BNPL providers such as Atome, Grab Financial Group and ShopBack) was formed by the Singapore FinTech Association, under the guidance of the Monetary Authority of Singapore (MAS), to develop the new and industry-led BNPL Code to promote best practices with respect to BNPL offerings.