The Suruhanjaya Kredit Pengguna or the Consumer Credit Commission (SKP) is intensifying industry engagement efforts ahead of the implementation of authorisation, covering licensing and registration, under the Consumer Credit Act (CCA) 2025.
This marks a significant milestone in bringing non-bank credit providers and credit service providers within a formal regulatory framework as SKP is intensifying its industry engagement effort ahead of the implementation of authorisation – covering licensing and registration – under the Consumer Credit Act 2025.
This marks a significant milestone in bringing non-bank credit providers and credit service providers within a formal regulatory framework. As part of this effort, SKP will conduct Industry Briefing sessions on 18 and 19 May 2026.
Executive Chairman Abu Hassan Alshari Yahaya said constructive engagement with the industry is vital to ensure that all relevant industry participants are aware of their obligations under the CCA and are well prepared ahead of the implementation of the new regulatory requirements.
"Early engagement will support a smooth transition and contribute to a more transparent and responsible consumer credit industry.
"SKP remains committed to building an ecosystem anchored in high standards of conduct, while ensuring our regulatory framework remains proportionate, enabling sustainable growth and responsible innovation,” he said in a statement today.
The licensing and registration requirements under the Act will take effect on June 1, 2026, with a six-month transition period provided for industry players to apply for the relevant licence or registration.
The sessions are also intended to provide the relevant unregulated credit industries with an understanding of the requirements and to assist them in preparing for compliance ahead of the authorisation rollout in June.
Under Phase 1 of the Act’s implementation, six key business activities are brought into scope: buy now pay later scheme (BNPL), factoring, leasing, debt collection, impaired loan or financing acquisition, as well as debt counselling and management. SKP has reached out to entities that have been identified as carrying on these business activities to participate in the industry engagement.
Any unidentified or potential regulated entities operating within these sectors must also come forward and register their interest via www.skp.gov.my, to ensure their inclusion in the regulatory engagement process.
This outreach initiative forms part of SKP’s broader effort to facilitate a smooth and orderly transition ahead of the authorisation phase.
The CCA and the establishment of SKP are key parts of the Government’s broader reform agenda to build a more transparent, responsible, and inclusive consumer credit 1 ecosystem.
The regulatory framework aims to strengthen credit consumer protection and empowerment, while providing greater clarity and consistency for industry players to operate professionally and responsibly.
Abu Hassan Alshari Yahaya added, “Constructive engagement with the industry is vital. The Commission’s priority is to ensure that all relevant industry participants are aware of their obligations under the CCA and are well prepared ahead of the implementation of the new regulatory requirements.
Early engagement will support a smooth transition and contribute to a more transparent and responsible consumer credit industry. SKP remains committed to building an ecosystem anchored in high standards of conduct, while ensuring that our regulatory framework remains proportionate, enables sustainable growth and responsible innovation.”
The licensing and registration requirements under the Act will take effect on 1 June 2026, with a six-month transition period provided for industry players to apply for the relevant licence or registration. For the record, failure to comply with these requirements may result in enforcement action by SKP.
For more information, visit www.skp.gov.my or contact Anna Maria at annamaria@skp.gov.my.
