Budget 2023 – Pay Later, Instant Use Services Will Be Monitored To Protect Consumers

 More and more Pay Later, Pay Now (BNPL) services in Malaysia. Recently a leading company offered their BNPL service with an interest rate of up to 18% per annum which may be harmful to those who are not aware of it because the monthly interest rate charged seems small.

Therefore the Prime Minister said companies that provide consumer credit services such as factoring companies and BNPL need to be regulated to protect consumer rights. In order to guarantee fair treatment and protect the rights of citizens and businesses, the Government will enact the Consumer Credit Act and establish a Consumer Credit Monitoring Board to regulate the credit business which is expected to be presented this year.