The SFA-administered BNPL Code of Conduct was published in November 2022. All new and existing BNPL service providers are expected to comply, starting 1st November 2023.
The BNPL Code of Conduct seeks to promote industry best practices by stipulating safeguards to mitigate the risk of consumer over-indebtedness.
To encourage adoption and compliance with the code, BNPL service providers will be required to subscribe to a private credit bureau to provide and retrieve consumer data on outstanding BNPL loans. BNPL service providers are also expected to undergo an audit by an independent expert assessor, to qualify for an accreditation. If successfully accredited, they will be able to display an accredited trustmark indicating that they are compliant with the code for three years, before having to be re-accredited.
To apply for the BNPL Accreditation and Trustmark, click here.
All BNPL service providers need to apply for Accreditation and Trustmark through the above application form, along with submission of supporting documents. An application fee of SGD 5000 is payable to SFA within 14 calendar days upon SFA’s acknowledgment of the application. SFA will advise on the payment method via email.
For more information on the Accreditation process, you may download the Accreditation document above.