The growing popularity of BNPL services among young Singaporeans is unnerving regulators and politicians who fear BNPL apps prey on 20-somethings who may be financially naive. “People want to have the latest fashion and look like they’re on trend,” Anton Ruddenklau, partner and head of financial services at KPMG LLP in Singapore said. The regulator will consider measures such as verifying BNPL users’ incomes and creating a centralized system to check on advances taken between credit cards and BNPL platforms. In the meantime, the central bank is counting on its media blitz to have an impact. The regulator has worked with an online youth magazine to highlight the risks of overspending via BNPL services.

Source: The Edge Markets June 14, 2021 23:03 UTC