Experian has been appointed to operate Singapore's buy now, pay later credit bureau, providing firms with creditworthiness checks on consumer BNPL debt.
The appointment was made by the Singapore Fintech Association and the BNPL Working Group, formed by industry players including Atome, Grab Financial Group and ShopBack. The Working Group has created a code of conduct that sets out guidance for BNPL service providers in Singapore to protect consumers from racking up debt by taking on multiple loans.
Under the arrangement, Experian will operate a BNPL bureau in Singapore with all accredited players sharing users’ credit information - such as outstanding BNPL balances, missed payments and delinquencies - with the aim of tackling the issue of credit stacking among BNPL users.
Maria Liu, managing director, Experian Greater China and SEA, says: “We’ve been operating BNPL bureaus in the United States and the United Kingdom, and this would be the first step in bringing our global expertise into the region.”