SINGAPORE: Abnk, Atome, Grab, and SeaMoney, which provide Buy Now, Pay Later (BNPL) services, have been awarded the BNPL Trustmark by the Singapore Fintech Association (SFA) and the BNPL Working Group, The Edge Singapore reports.
The Trustmark shows that these BNPL providers are committed to following the strict guidelines in the code of conduct.
According to a statement from SFA and the BNPL Working Group, this code promotes responsible lending and ensures consumer protection.
Following the call for applications on March 31, these four providers underwent thorough independent assessment by auditing firm Price Waterhouse Coopers (PwC) and evaluations by SFA and the BNPL Working Group.
Starting May 1, customers can easily identify accredited BNPL providers through the Trustmark.
According to the press release, consumers and merchants utilising BNPL services are strongly encouraged to engage only with accredited providers to safeguard their interests.
Mr Shadab Taiyabi, President of SFA, explains, “By recognising these service providers, we aim to empower consumers and merchants with greater confidence in utilising BNPL services within a secure and transparent environment.“
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime) at the Monetary Authority of Singapore, adds:
“The Trustmark will help consumers make informed decisions when choosing BNPL service providers. MAS will continue to work with the industry to ensure that the BNPL code of conduct remains effective in upholding users’ interests.“ /TISG
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