KUALA LUMPUR: The Consumer Credit Act, which will among others regulate the 'Buy Now Pay Later' (BNPL) industry, will be tabled at the next parliamentary sitting.
Prime Minister Datuk Seri Anwar Ibrahim announced this during the tabling of the 2025 Budget (Belanjawan 2025) earlier today.
Bank Negara Malaysia in a statement today said the passing of the Act will see the establishment of the Consumer Credit Commission (CCC) as the new authority regulating non-bank credit providers and credit service providers in Malaysia.
The CCC will regulate and supervise a range of entities currently not subject to any regulatory authority in Malaysia. This includes BNPL companies, non-bank factoring and leasing companies, impaired loan buyers, debt collection agencies, and debt counselling and management agencies.
According to the Khazanah Research Institute, BNPL service providers generated RM6.2 billion in sales last year.
Currently, the Consumer Credit Oversight Board Task Force (CCOB) led by the Ministry Of Finance, BNM and Securities Commission Malaysia – is
tasked to drive the finalisation of the CCA together with relevant ministries and agencies.
BNM said the CCA will address overlaps in responsibilities between regulatory authorities and reduce coverage gaps in the supervision of consumer credit providers.
"The CCA will address overlaps in responsibilities between regulatory authorities and reduce coverage gaps in the supervision of consumer credit providers.