Public Invited To Give Feedback On the Proposed Consumer Credit Act

The Ministry of Finance (MoF), Bank Negara Malaysia (BNM) and the Securities Commission (SC) are working on developing a legal framework to regulate all consumer credit activities, including the Buy Now Pay Later” (BNPL).

The above three agencies are part of the Consumer Credit Supervisory Board (CCOB) task force which ensures that credit activities not currently directly regulated by other laws are covered by law. offered on consumer credit.

This effort is carried out in collaboration with the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP), the Ministry of Housing and Local Government (KPKT), the Ministry of Entrepreneurs and Cooperatives Development (KUSKOP) and the Malaysian Companies Commission. cooperatives (SKM).

The CCOB working group is now in the public consultation phase. The consultation process is separated into two parts. Part 1, currently taking place, aims to provide the audience with an overview of what is happening in the consumer credit industry in Malaysia, its challenges and the reforms needed to support the orderly development of the credit industry in Malaysia. .

The press release issued today by the task force also highlighted that Part 2 of the consultation process which is expected to be rolled out in the fourth quarter of this year will provide further details on the authorization, governance and conduct that will be applied to credit providers and credit service providers.

The working group is now seeking comments on Part 1, the proposed regulatory and licensing framework. The public consultation document is available for download on the CCOB website[www.ccob.my]. This website serves as a single point of reference for all stakeholders seeking information and updates regarding CCA and CCOB.

Members of the public are invited to provide comments and feedback on this matter by emailing CCAConsultation@bnm.gov.my by September 5, 2022.

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