Experian to operate Singapore's BNPL bureau

As per the announcement, the appointment involves Experian’s technological infrastructure to facilitate creditworthiness checks for consumers with users’ credit information submitted by all accredited BNPL players in Singapore. Such information would include outstanding BNPL balances, missed payment, and delinquencies, and it will be leveraged by BNPL players who have been accredited to provide BNPL services that are in accordance with the BNPL Code of Conduct.

What the appointment entails in the BNPL Code of Conduct context

The BNPL Working Group, which was formed by SFA and industry players of the likes of Atome, Grab Financial Group and ShopBack, launched the BNPL Code of Conduct in October 2022, and sets out guidance for Singapore-based BNPL service providers on how to protect consumers and ensure that the BNPL offerings will continue in benefiting the ecosystem.

Experian has been operating the BNPL bureaus in the US and the UK, this announcement marking the first step in expanding in the region, with company officials stating in the press release that following the BNPL Working Group appointment, they will provide them with the necessary technological infrastructure and showcase its technology and expertise in the field.

SFA representatives advised that the launch of BNPL Code represents an important step forward within the industry in ensuring that BNPL offerings are beneficial to the ecosystem, setting out clear guidelines and standards for consumer protection. Looking to ensure success in their mandate, the enterprise sees an importance in working with a multitude of facets of the industry, the partnership with Experian believed to facilitate creditworthiness checks for consumers and to ensure that the interests of the consumers continue to be prioritised. 

Furthermore, Experian spokespersons added that the business has operates on the principal of advocating consumer affordability, and by working with SFA they are looking to tackle the issue of credit stacking among BNPL users. Alongside the BNPL Code of Conduct, the company believed that their consumers will be safeguarded against credit risks and foster increase trust and transparency between BNPL providers and the consumers they serve.