热门搜索：

Buy Now, Pay Later (“BNPL”) Code of Conduct

金融2023-05-01新加坡金融科技协会邵***

AI智能总结

Buy Now, Pay Later (BNPL) Code of Conduct Overview

Introduction

In recent years, the usage of Buy Now, Pay Later (BNPL) services has significantly increased, particularly among online and offline retailers. BNPL involves splitting the cost of a purchase into several equal installments, usually monthly. This method is versatile, catering to various product ranges and serving both high-value and low-value items. It has gained traction, especially among digital natives, under-served, and under-banked demographics.

Purpose of BNPL Code of Conduct

The BNPL Code of Conduct aims to promote industry best practices and mitigate risks of consumer detriment. It ensures that BNPL offerings positively impact Singaporean consumers and benefit the ecosystem by setting standards for industry practices, including conducting creditworthiness assessments, ensuring fair marketing practices, and offering hardship repayment plans.

Key Components of the BNPL Code

Age Restriction: BNPL services are offered to individuals aged 18 and older.
Customer Onboarding: Requires collecting personal information such as name, date of birth, identification number, email, and mobile number for identity verification and credit information sharing.
Credit Assessment: Before granting a BNPL limit over SGD 2,000, additional information like address, nationality, and income documentation is collected for credit assessment.
Fee Management: Caps fees, including late fees, and ensures transparency in fee structures and communication.
Non-compounding of Fees: Does not compound interest or fees.
Income Verification: Requires keeping income information up-to-date, potentially adjusting credit limits accordingly.
Hardship Assistance: Offers financial relief during life events or financial difficulties, including fee waiver or deferral.
Risk Mitigation: Ensures BNPL services are not provided for high-risk activities and allows customers to opt-out.
Service Review: Regularly evaluates BNPL services to ensure they meet customer needs.
Transparency and Communication: Provides terms and conditions in English, with options for translations and clear communication of changes.

Ensuring Fair Dealing and Misleading Information

Clear Disclosures: Updates terms and conditions regularly and notifies customers of significant changes at least two weeks in advance.
Fair Marketing: Ensures terms and conditions are presented fairly, clearly, and transparently.

This code serves as a guiding framework for BNPL providers in Singapore, promoting integrity and best practices within the industry.

BuyNow,PayLater(“BNPL”)CodeofConduct TableofContents 1.Preamble3 2.WhatistheBNPLCode?3 3.Safeguardstoaddresstheriskofcustomersgettingintofinancialdifficulties4 4.Ensurefairdealingandsafeguardsagainstprovidingmisleadinginformation5 4.1Cleardisclosures5 4.2Fairmarketing7 4.3Disputeresolutionprocess7 5.FinancialHardshipAssistance8 6.LatePaymentCollectionGuidelines8 7.ExternalInformationSharing9 8.DocumentRetentionPeriod9 9.Definitions9 1.Preamble Inrecentyears,therehasbeenariseintheuseofBuyNow,PayLater(“BNPL”)services,inparticular,thewidespreaduseofthisservicebyonlineandofflineretailers. Typically,BNPLischaracterisedbysplittingthecostofpurchasefromamerchant,forexamplearetailer,intoseveralequalamountstakenatregularintervals,usuallymonthly.Notwithstandingtheabove,BNPLcanalsocomeintheformofasingledeferredpaymentagreement,wherethefullamountistakenatasingleinterval,usuallymonthly. Today,BNPLisusedforthepurchaseofadiverserangeofproductsandservices,fromlow-valueconsumergoodstohigher-pricedairlinetickets.BNPLisfastgainingtraction,inparticular,amongstdigitalnatives,theunder-servedandtheunder-banked. SomefeaturescommonlyassociatedwithBNPLservicesinclude(butarenotlimitedto): (1)Cappedlatefees;and (2)Suspensionofaccountwhenfeesareoverdue. TheBNPLCodeofConductrecognizesthetransformativeuseoftheservice,inparticular,fortheunder-servedandtheunder-banked,andseekstopromoteindustrybestpractices,byenshriningsafeguardstomitigatetheriskofconsumerdetriment. TheBNPLCodeofConductisindustry-ledandsignifiestheindustry’scommitmenttoabidebytherulesstipulatedinthisdocumentandsetastandardlevelofintegrityandpracticetobefollowedbyallBNPLProviders. Asacustomeroramerchant,youarerecommendedtodealwithAccreditedBNPLProviders.BNPLProviderswillbesubjecttoanindustry-ledauditschemeandaccreditationprocess,anduponsuccessfulcompletionwillbeeligibletodisplaythetrustmarktosignifytocustomersthattheycomplywiththisCodeofConduct.YoumayviewthelistofaccreditedBNPLProvidershere. 2.WhatistheBNPLCode? UndertheguidanceoftheMonetaryAuthorityofSingapore(MAS),theSingaporeFinTechAssociation(SFA),togetherwithexistingBNPLserviceprovidersandotherindustryplayerswhohavefirmplanstoprovideBNPLservicesinSingapore,haveco-createdaBNPLCodeofConduct(“BNPLCode”)inrelationtodealingswithBNPLcustomers. InthisBNPLCode,thewords‘you’and‘your’refertoanindividualwhoisorwasacustomeror,whererelevant,anindividualwhoisafuturecustomerofaBNPLProvider.InthisCode,thewords‘we’,‘us’and‘our’aretobereadasreferringtoaBNPLProviderthatiscomplyingwiththeBNPLCode. TheBNPLCodesetsoutguidancefortheindustrytomitigaterisksofconsumerover-indebtedness,ensuringthatBNPLofferingswillhaveapositiveimpactonSingaporeanconsumers,aswellastocontinuetobenefittheecosystem.TheBNPLCodecrystallizesindustrybestpracticessuchas conductingcreditworthinessassessments,ensuringfairandethicalmarketingpractices,accommodatingforvoluntaryexemptions,andensuringtheprovisionofahardshiprepaymentplan,amongstothers. NewBNPLProvidersshouldseektoadoptandcomplywiththeBNPLCode,priortoofferingBNPLservicesinSingapore.Uponsuccessfulcompletionoftheauditandaccreditationprocess,newBNPLproviderswillbeeligibletodisplaythetrustmarkinasimilarmannertotheexistingBNPLProviders. 3.Safeguardstoaddresstheriskofcustomersgettingintofinancialdifficulties 3.1WewillonlyofferBNPLservicestocustomersaged18andover. 3.2Wewillcollectthefollowinginformationwhenonboardingnewcustomers: a.Name; b.Dateofbirth; c.NRIC/FINnumber; d.Email;and e.Mobilenumber. Theabovecollectedinformationwillbeusedtoverifytheidentityofthecustomeraspartofourduediligenceprocess,facilitatecreditinformationsharing,andtokeepourplatformssecure.Untilfurtherassessmentisconductedbyusassetoutbelowinparagraph3.3,youwillonlybepermittedtoaccumulatenomorethanSGD2,000inoutstandingpaymentsatanygiventime(the“BNPLlimit”)witheachofus. 3.3PriortograntingaBNPLlimitinexcessofSGD2,000toyou,wewill,forfurthercreditassessmentandverificationandrepaymentpurposes: a.Collectyourfollowinginformation: i.Address;and ii.Nationality. b.CollectanduseinformationaboutyourincometoensurethattheincreaseoftheBNPLlimitforyousatisfiesourinternalcreditriskmanagementprocesses,includingatleastoneofthefollowingindicativedatasources: i.NoticeofAssessmentormonthlyCPFcontributioninformationfromMyInfo; ii.Payslips/incometaxfilings;or iii.Alternativedataorinformationthatisasufficientlygoodproxyofyourincome(e.g.,ownershipofastandardcreditcardissuedinSingapore). 3.4WewillalsoconsideryourcreditworthinessasdeterminedthroughourcreditinformationsharingprocessesbeforegrantingyouanyincreaseintheBNPLlimitinexcessofSGD2,000. 3.5Wewillcapallfees,includinglatefeesandothercharges,andensurethatsuchfees,feecaps,andtherelatedfeestructuresarecommunicatedinamannerthatisclearandtransparenttoyou. 3.6Wewillnotcompoundtheinterestorfeeschargedtoyou. 3.7Werequirethatallyourincomeinformationremainsuptodate,andsomayrequestviaourTermsandConditionsthatyoukeepusupdatedintheeventofanysignificantincomechange.Wemayrecalibrateyourcreditlimits,ifnecessary,uponreceivingsuchinf

点击免费查看完整报告

你可能感兴趣

Buy Now, Pay Later (“BNPL”) Code of Conduct

Buy Now, Pay Later (BNPL) Code of Conduct Overview

Introduction

Purpose of BNPL Code of Conduct

Key Components of the BNPL Code

Ensuring Fair Dealing and Misleading Information

你可能感兴趣

Buy now, pay later: a cross-country analysis

Pennsylvania Can Pay Now or Pay Much More Later

A Review of Implementation of the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies

FR05/2015 Code of Conduct Fundamentals for Credit Rating Agencies

Code of Conduct Fundamentals for Credit Rating Agencies