Four providers of Buy Now, Pay Later (BNPL) schemes have been awarded the Trustmark by the Singapore Fintech Association (SFA) and the BNPL Working Group. They are Abnk, Atome, Grab and SeaMoney.
The Trustmark demonstrates the BNPL service provider’s commitment to meeting rigorous guidelines outlined in the code of conduct, promoting responsible lending practices and consumer protection, according to the release by SFA and BNPL Working group.
These four providers have been awarded Trustmark following the call for applications on Mar 31. They had undergone independent assessment by auditing firm Price Waterhouse Coopers (PwC) and evaluations by SFA and BNPL Working Group.
As of May 1, customers will be able to identify accredited BNPL providers through the Trustmark.
Consumers and merchants using BNPL services are encouraged to engage only with accredited BNPL service providers to ensure that their interests are safeguarded, the release notes.
“By recognising these service providers, we aim to empower consumers and merchants with greater confidence in utilising BNPL services within a secure and transparent environment,” says Shadab Taiyabi, President of SFA.
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“The Trustmark will help consumers make informed decisions when choosing BNPL service providers. MAS will continue to work with the industry to ensure that the BNPL code of conduct remains effective in upholding users’ interests,” says Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime) at the Monetary Authority of Singapore.
