MOF, Bank Negara, SC to form framework on consumer credit regulation

The Finance Ministry, Bank Negara Malaysia and the Securities Commission are spearheading collaborations with relevant agencies to formulate a comprehensive legal framework to regulate all consumer credit activities, including the “Buy Now Pay Later” (BNPL) scheme.

Deputy Finance Minister II Yamani Hafez Musa (above) said the framework would be set in place with the enactment of the Consumer Credit Act (CCA) this year.