In today’s Channel 8 feature on the rise of Buy Now, Pay Later (BNPL) services in Singapore, it was highlighted that while BNPL has become globally popular, transactions in Singapore remain relatively modest, accounting for only 1% of total credit and debit card payments in the first half of last year.

As BNPL becomes more popular for various use cases—from education to everyday purchases—SFA has been at the forefront, promoting consumer protection through our BNPL Code of Conduct. Since its introduction in late 2022, the Code has set clear guidelines to ensure:

Only customers aged 18 and above are eligible for BNPL services

Credit limits are capped at S$2,000 unless further credit assessments are completed

These measures are designed to protect consumers from the risks of over-indebtedness while encouraging transparency and responsible lending in the BNPL sector.

We are proud that ABNK, Grab, SeaMoney and Atome are among the first four BNPL providers to earn the SFA Trustmark, demonstrating their commitment to these high standards.

SFA’s leadership in this space aims to balance innovation with consumer safeguards, ensuring the BNPL model continues to evolve in a way that benefits both consumers and the industry.

▶️ Watch the full interview here: https://www.youtube.com/watch?v=RDEj1A3RgHM

📖 Read more about the rise of BNPL in Singapore and how SFA is shaping this landscape: https://www.8world.com/in-depth/morning-express/spotlight-bnpl-trend-2753486