KUALA LUMPUR, April 9 — Bank Negara Malaysia (BNM) has announced the formation of a Consumer Credit Commission to regulate and supervise previously unregulated nonbank credit providers.
Including buy now, pay later (BNPL) services. The move aims to strengthen consumer protection as BNPL usage expands rapidly.
With active accounts rising to 7.5 million and total outstanding debt reaching RM4.9 billion by December 2025.
While BNPL currently accounts for just 0.3% of total household debt, BNM emphasized that close monitoring remains essential.
The commission will bring BNPL providers under a formal regulatory framework, ensuring oversight, safeguarding consumers.
And supporting the stable growth of Malaysia’s nonbank credit sector.
