Experian has been hired to administer Singapore’s purchase now, pay later (BNPL) credit bureau, offering enterprises BNPL consumer debt creditworthiness assessments.
The Singapore Fintech Association and the BNPL Working Group, composed of industry participants like Atome, Grab Financial Group, and ShopBack, made the appointment. The Working Group has developed a code of conduct for BNPL service providers in Singapore to prevent clients from incurring excessive debt via numerous loans.
Experian will manage a BNPL bureau in Singapore. All certified participants will share credit information on BNPL users, including outstanding BNPL balances, missing payments, and delinquencies, to combat the problem of credit stacking among BNPL users.
Maria Liu, managing director of Greater China and Southeast Asia for Experian, states:
“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.”
