Bank Negara to enact Consumer Credit Act in 2022

Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus said the central bank will be collaborating with the Ministry of Finance (MoF) and the Securities Commission (SC) to enact the Act.

KUALA LUMPUR: Bank Negara Malaysia (BNM) is working to enact the Consumer Credit Act in 2022, with the aim of strengthening regulatory arrangements for all consumer credit activities, including providers of "Buy Now Pay Later" schemes.

Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus said the central bank will be collaborating with the Ministry of Finance (MoF) and the Securities Commission (SC) to enact the Act.