BNPL Transactions Hit 102.6 Million In 1h 2025
KUALA LUMPUR, July 21 (Bernama) -- The volume of 'buy now, pay later' (BNPL) transactions has increased from 83.8 million in the second half (2H) of 2024 to 102.6 million in the first half (1H) of this year.
Deputy Finance Minister Lim Hui Ying said the surge in BNPL transactions exposes consumers to risks, especially those in the low-income group and with poor financial literacy to the risk of unmanageable debts.
The total value of BNPL transactions rose 31 per cent from RM7.1 billion in 2H 2024 to RM9.3 billion in 1H 2025.
Meanwhile, the number of active BNPL accounts also increased from 5.1 million at the end of last year to 6.5 million as of end-June this year.
'To address this issue in protecting the interests of credit consumers, a statutory body known as the Consumer Credit Commission (SKP) will be established under the Consumer Credit Act,' Lim said when tabling the Consumer Credit Bill 2025 for the second reading in the Dewan Rakyat today.
She said the commission, which will come under the Ministry of Finance, will regulate business sectors that are currently not regulated by any party via a licensing and registration framework.
Lim said the Consumer Credit Bill is tabled as part of the government's effort to establish comprehensive legislation to protect credit consumers and restructure the nation's credit industry landscape.
The bill was drafted to tackle two main issues: the presence of unregulated industry players and inconsistencies in credit sector oversight by various authorities.
'The bill's main objective is to protect the interests of credit consumers in the country by regulating all credit businesses and credit service businesses, ensuring proper conduct and responsible lending practices by industry participants as well as promoting a fair, efficient, and transparent credit industry,' she said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
an hour ago
- Barnama
PIFC Establishment Now At Engagement Stage With BNM, Securities Commission
GEORGE TOWN, July 26 (Bernama) -- The proposed establishment of the Penang International Financial Centre (PIFC) is currently at the engagement stage with the federal government, Bank Negara Malaysia (BNM) and the Securities Commission. Chief Minister Chow Kon Yeow said the think tank, Penang Institute, was given the role to initiate the Expression of Interest (EOI) process last March, and the results had already been presented to the state's Cabinet. 'As a long-term plan to sustain the state's continuous growth, the proposed PIFC project will be realised, which includes the development of a site measuring almost 100 acres (40.46 hectares) and involves various financial facilities and supporting infrastructure. 'This includes fund management, an international convention centre, high-end banking services, a fintech free trade zone and a logistics hub,' he said in his speech at the investiture of the state awards, medals and honours at Dewan Seri Pinang here today. The ceremony, which was held in conjunction with the Penang Governor Tun Ramli Ngah Talib's 84th birthday celebration, saw 280 individuals being honoured with the state's awards, medals and honours. Chow said PIFC aims to attract new capital flows to strengthen the semiconductor sector in the Northern Corridor, in line with the New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS). Meanwhile, he said the Sedusun Tech Valley project through the Northern Corridor Implementation Authority (NCIA) is currently in the stage of clearing the project site and is expected to be fully completed in the first quarter of 2027. The Chief Minister said it is an effort to make Penang an 'Agricultural Silicon Valley' that focuses on the smart farming industry towards increasing agricultural yields optimally compared to traditional methods. In addition, Chow said the state government is also giving priority to addressing the urgent needs of the people's mobility, including through the application under the 13th Malaysia Plan (13MP) involving the upgrading of the Federal Highway from Bayan Lepas to Teluk Kumbar to a four-lane dual carriageway.
Barnama
an hour ago
- Barnama
Infrastructure Work For Five-season Paddy Planting Programme Begins Ahead Of Schedule
ALOR SETAR, July 26 (Bernama) -- The main infrastructure development project under the five-season paddy planting programme over two years in the Muda area has commenced ahead of its scheduled start date of Aug 1. Muda Agricultural Development Authority (MADA) chairman Datuk Dr Ismail Salleh said the project's progress is ahead of schedule, reflecting a strong commitment and seriousness in assisting farmers in the Muda area. The development project comprises two main components: the construction and maintenance of 15 Tertiary Irrigation System Blocks (Project 1), and the Pedu Dam Phase 1 Comprehensive Rehabilitation Project (Project 2), with a total allocation of RM1 billion. 'These 15 blocks will supply water to 560 hectares of paddy fields. According to the original timeline, the project was scheduled to begin on Aug 1, but the contractor began work earlier,' he said when asked about the project's progress. Yesterday, Prime Minister Datuk Seri Anwar Ibrahim visited to the major infrastructure development project under the five-season paddy cultivation programme in the Muda area, located at Batu 7, Kampung Kemboja, Ayer Hitam, near Jitra. He said the paddy cultivation programme would bring comprehensive reforms to the country's paddy and rice industry ecosystem, helping to reduce reliance on imports and enhance national rice self-sufficiency. He added that the Prime Minister's visit marked his second to the project site, aimed at reviewing the progress of agricultural infrastructure development in line with the government's efforts to strengthen the national food supply and boost local rice production. 'This project, which is currently underway, focuses on upgrading the irrigation and drainage systems, as well as enhancing the use of modern technology in the paddy cultivation sector. It not only supports intensified planting activities but also has the potential to boost productivity and increase the income of paddy farmers. 'With the implementation of five planting seasons in two years, the country is expected to reduce its reliance on imported rice and raise the self-sufficiency level (SSL) of this strategic commodity,' he said.
Malay Mail
an hour ago
- Malay Mail
Bursa faces choppy week ahead as US tariff decision looms, says analyst
KUALA LUMPUR, July 26 — The risk of higher United States (US) tariffs on Malaysia as the Aug 1 deadline draws near is likely to weigh on Bursa Malaysia next week, although domestically-oriented counters are expected to remain relatively resilient, supported by firm internal demand and fiscal tailwinds. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said volatility is expected to intensify as markets approach a critical inflection point in global trade policy. 'Domestically-oriented counters on Bursa Malaysia are likely to remain relatively resilient. However, export-driven sectors may continue to face pressure in the absence of a favourable resolution to the tariff negotiations,' he told Bernama. He noted that no formal announcement has been made on the revised US tariff schedule for Malaysia. 'Should Malaysia succeed in securing a rate below the symbolic 20 per cent threshold, we anticipate renewed investor interest, particularly in the manufacturing and electrical and electronics sectors. Until then, most investors are expected to adopt a wait-and-see approach, prioritising capital preservation over risk-taking,' he said. Regionally, market focus is shifting towards renewed US–China trade diplomacy as Chinese Vice Premier He Lifeng is set to lead high-level negotiations in Sweden from July 27–30, ahead of the expiry of the 90-day tariff suspension on Aug 12. 'The outcome will be instrumental in shaping regional trade sentiment and broader market tone heading into August,' Mohd Sedek said. Globally, investor attention remains fixed on a packed US macroeconomic calendar, particularly with the upcoming the Federal Open Market Committee meeting on July 30, the June Personal Consumption Expenditure inflation print and July non-farm payrolls, which will provide important policy signals. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said market participants will turn their focus to China's July Purchasing Managers Index as well as Eurozone Consumer Price Index. For the week just ended, optimism spurred by Prime Minister Datuk Seri Anwar Ibrahim's 'appreciation package' and renewed confidence in domestic fiscal support lifted utilities and consumer counters, but the momentum proved short-lived as broad-based selling later overshadowed mid-week support from telco stocks. For the week under review, the benchmark index rose 7.90 points to 1,533.76 on Friday from 1,525.86 a week earlier. The FBM Emas Index increased 26.99 points to 11,506.82 and the FBMT 100 Index gained 28.03 points to 11,269.72, but the FBM Emas Shariah Index slid 8.89 points to 11,528.98, the FBM 70 Index dipped 90.15 points to 16,607.57 and the FBM ACE Index dropped 32.77 points to 4,639.02. By sector, the Financial Services Index jumped 99.4 points to 17,454.23, the Plantation Index reduced 7.10 points to 7,434.79 and the Energy Index went up 0.21 of a point to 739.85. Weekly turnover narrowed to 11.92 billion units worth RM11.43 billion from 15.53 billion units worth RM11.77 billion in the previous week. Main Market volume slid to 6.63 billion units valued at RM9.70 billion compared with 6.73 billion units valued at RM10.07 billion previously. Warrant turnover grew to 7.10 billion units worth RM1.15 billion from 6.83 billion units worth RM966.72 million in the preceding week. ACE Market volume shrank to 1.68 billion units valued at RM577.05 million versus 1.97 billion units valued at RM729.96 million previously. — Bernama
