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New Straits Times
29-07-2025
- Business
- New Straits Times
PTPTN offers repayment lifeline amid rising costs
KUALA LUMPUR: Faced with rising living costs and mounting financial commitments, many borrowers are finding relief through the National Higher Education Fund Corporation (PTPTN) loan restructuring initiative. For financial officer Suhazlin Shahrul Anuar, 36, who took out an RM16,950 loan in 2007 when studying at Politeknik Johor Baru, restructuring her loan early last year was a turning point in managing her finances. "Previously, I was paying around RM180 a month. After I took a housing loan, I just couldn't keep up with the full amount." Her new repayment schedule, which runs from December 2024 to June 2032, has slashed her monthly commitment to RM95.36. "It helped me reorganise my budget. I no longer worry about falling behind or seeing my name listed in the Central Credit Reference Information System (CCRIS)." Suhazlin said the restructuring allowed her to keep paying without defaulting, thanks to a direct debit arrangement she now uses. "It's not about avoiding responsibility. Restructuring made it manageable. I encourage other borrowers in similar situations to restructure too. It's better than ignoring the loan altogether." She views repaying the restructured loan as a social responsibility. "We've benefited from this fund. By paying it back, we're ensuring the next generation has the same opportunity to pursue their education." Her sentiments are echoed by Chong Suk Ting, 28, an environmental, health and safety engineer who restructured her PTPTN loan after taking part in her company's voluntary separation scheme (VSS). "I started my loan around 2021 when I was studying at Universiti Tunku Abdul Rahman. After the VSS, I reviewed my financial position and realised I couldn't keep up with the previous payment amounts." Before restructuring her loan, Chong had struggled to make consistent payments. Some months I paid RM50, some months RM100. It was inconsistent, and it affected my CCRIS report." After consulting with PTPTN officers, she managed to restructure her loan to a level she could afford. "They were helpful and guided me through it. It's a relief to know what I need to pay each month, and I no longer feel overwhelmed by the debt." Like Suhazlin, Chong sees repayment not only as a financial obligation but a moral one. "If we don't repay now, we'll still have to do it later but maybe with consequences. More importantly, other students need this money to pursue their education. "Some people think they can ignore it, but it's better to face it head-on. PTPTN has made it easier. They understood our situation and gave us a second chance to do the right things." Both Suhazlin and Chong agree that PTPTN's initiative is timely and crucial in today's economic climate. "Not every loan agency offers this kind of flexibility. It shows that PTPTN cares more about helping us borrowers than punishing us for falling behind," Suhazlin said. PTPTN introduced its loan restructuring to help borrowers who are struggling with repayment due to financial hardship. Under the #BolehBincang initiative, borrowers can revise their repayment schedule based on current income and commitments, making it easier for them to make repayments consistently and manage their finances more effectively. To initiate loan restructuring discussions and access information, download the myPTPTN app. Borrowers can also explore PTPTN's restructuring options by contacting PTPTN Careline at 03-2193 3000 or via Live Chat on the PTPTN portal at

Barnama
21-07-2025
- Business
- Barnama
Govt Urged To Set Up Credit Scoring Agency To Regulate Eligibility Of Borrowers
BUSINESS KUALA LUMPUR, July 21 (Bernama) -- The government should establish a creditworthiness or credit scoring agency to regulate the eligibility of consumers taking loans, according to Member of Parliament (MP) Sim Tze Tzin (PH-Bayan Baru). He said that with transparent creditworthiness, it can help reduce consumers' financial pressure as well as reduce borrowing money from unlicensed money lenders or syndicates. 'Although in Malaysia we have credit reporting companies such as CTOS, the average citizen does not understand credit scores and does not know his/her own credit scores. "Hence, a transparent creditworthiness or credit score can determine good borrower discipline and be offered other financial facilities such as credit cards, personal loans and others," he said when debating the Consumer Credit Bill (RUUKP) 2025 during its second reading at the Dewan Rakyat here today. Meanwhile, MP Rodiyah Sapiee (PH-Batang Sadong) proposed that the government establish a special 'Buy Now, Pay Later' (BNPL) data centre to ensure the effectiveness of the micro-instrument is maintained. 'All information related to BNPL is collected in a special data centre which is not combined or reported in conventional credit systems such as the Central Credit Reference Information System (CCRIS). 'This is because CCRIS is directly linked to large loan eligibility such as housing and vehicle loans, and if BNPL is included in this system, it could affect the opportunities of low-income consumers to obtain future financing,' he said. He also said that this special data centre could be established under the Consumer Credit Commission to enable specific monitoring of BNPL's credit risk including consumer exposure limits and payment behaviour without disrupting key financial records. -- BERNAMA


The Sun
21-07-2025
- Business
- The Sun
Govt urged to set up credit scoring agency to regulate eligibility of borrowers
KUALA LUMPUR: The government should establish a creditworthiness or credit scoring agency to regulate the eligibility of consumers taking loans, according to Member of Parliament (MP) Sim Tze Zin (PH-Bayan Baru). He said that with transparent creditworthiness, it can help reduce consumers' financial pressure as well as reduce borrowing money from unlicensed money lenders or syndicates. 'Although in Malaysia we have credit reporting companies such as CTOS, the average citizen does not understand credit scores and does not know his/her own credit scores. 'Hence, a transparent creditworthiness or credit score can determine good borrower discipline and be offered other financial facilities such as credit cards, personal loans and others,' he said when debating the Consumer Credit Bill (RUUKP) 2025 during its second reading at the Dewan Rakyat here today. Meanwhile, MP Rodiyah Sapiee (PH-Batang Sadong) proposed that the government establish a special 'Buy Now, Pay Later' (BNPL) data centre to ensure the effectiveness of the micro-instrument is maintained. 'All information related to BNPL is collected in a special data centre which is not combined or reported in conventional credit systems such as the Central Credit Reference Information System (CCRIS). 'This is because CCRIS is directly linked to large loan eligibility such as housing and vehicle loans, and if BNPL is included in this system, it could affect the opportunities of low-income consumers to obtain future financing,' he said. He also said that this special data centre could be established under the Consumer Credit Commission to enable specific monitoring of BNPL's credit risk including consumer exposure limits and payment behaviour without disrupting key financial records. – Bernama


New Straits Times
21-07-2025
- Business
- New Straits Times
MPs call for separate BNPL data centre, stricter advertising rules
KUALA LUMPUR: Batang Sadong member of parliament Rodiyah Sapiee has proposed the establishment of a dedicated data centre for Buy Now, Pay Later (BNPL) services that is separate from Bank Negara Malaysia's Central Credit Reference Information System (CCRIS). The move, she said, would allow data related to BNPL to be housed in a standalone database, instead of being integrated into conventional credit systems such as CCRIS. "CCRIS is linked to major credit facilities such as housing or car loans. If BNPL data is included in this system, it could negatively affect the ability of low-income users to secure future financing," she said when debating the Consumer Credit Bill 2025 in the Dewan Rakyat. She said the BNPL data centre could be placed under the Consumer Credit Commission to enable monitoring of BNPL transactions and credit risks, without disrupting users' primary credit and repayment records. "This will preserve the effectiveness of BNPL as a microcredit instrument," she said. Meanwhile, Bachok MP Mohd Syahir Che Sulaiman called for BNPL promotions and advertisements not to be misleading, such as using phrases like "interest-free", "easy approval", or "buy now, think later". "Risk disclosures should be mandatory in all promotional materials." He said mandatory disclosure of information must also include payment simulations and explanations of late payment penalties before users sign any agreement. "The creditworthiness assessments must be tightened, especially regarding income verification. Today, even university students are increasingly trapped in outstanding BNPL debt." He said support for consumers facing financial hardship must be clearly outlined, including rescheduling of payments, moratoriums, and automatic referrals to the Credit Counselling and Debt Management Agency in critical cases. "These key points are essential to ensure that the Act, if passed, provides a balanced approach between credit accessibility and consumer protection, particularly for young people and low-income groups who are most vulnerable to financial risks." Earlier, Deputy Finance Minister Lim Hui Ying tabled the Consumer Credit Bill 2025 for its second reading. Twenty-three members of parliament are set to take part in the debate. The Consumer Credit Bill 2025 aims to strengthen consumer protection by regulating the credit industry in Malaysia, including overseeing the BNPL scheme.


Daily Express
21-07-2025
- Business
- Daily Express
MP moots special data centre to monitor ‘buy now, pay later' transactions
Published on: Monday, July 21, 2025 Published on: Mon, Jul 21, 2025 By: Shermaine Choe, Minderjeet Kaur, FMT Text Size: A recent survey by Shopee's BNPL service SPayLater found that 81% of 40,000 Malaysian users relied on BNPL for basic needs. (Rawpixel pic) Kuala Lumpur: A Sarawak MP has urged the government to set up a dedicated data centre to monitor transactions under the 'buy now, pay later' (BNPL) scheme, separate from traditional credit reporting systems. Rodiyah Sapiee (GPS–Batang Sadong) said BNPL data should be excluded from the Central Credit Reference Information System (CCRIS), which is used to assess major loan applications such as for housing and vehicle financing. Advertisement 'CCRIS is directly related to major loan eligibility such as for housing or vehicle financing, and if BNPL data is included, it could negatively impact the ability of lower-income users to obtain future financing,' she told the Dewan Rakyat when debating the Consumer Credit Bill 2025. Instead, Rodiyah proposed the creation of a dedicated BNPL data centre under the Consumer Credit Commission (SKP) which would allow targeted monitoring of BNPL credit risks without affecting users' primary credit histories. 'This will preserve BNPL's effectiveness as a microcredit instrument and a symbol of hope,' she added. Rodiyah cited a recent survey by Shopee's BNPL service SPayLater, which found that 81% of 40,000 Malaysian users relied on BNPL for basic needs, including baby formula and to pay medical expenses. 'This proves that BNPL is not just a financial convenience, but also functions as a micro social safety net during emergencies,' she said. She also suggested that the bill consider financial commitments at the household rather than the individual level. 'While BNPL limits are typically capped at RM2,000 or RM3,000 per person, in reality, a household may have several BNPL accounts that together exceed the family's actual financial capacity. In the end, the burden falls on the head of the household,' she said. Rodiyah also proposed giving BNPL exemptions to micro-businesses, which typically use the service as working capital to acquire short-term inventories. Deputy finance minister Lim Hui Ying earlier tabled the Consumer Credit Bill 2025 for second reading at the lower house. Lim said the bill had been drafted to regulate emerging credit providers such as BNPL companies, with the number of transactions increasing from 83.8 million in the second half of 2024 to 102.6 million in the first half of this year. The total transaction value of BNPL rose from RM7.1 billion in the second half of last year to RM9.3 billion in the first half of this year, an increase of 31%, she said. 'This rapid growth in BNPL may pose risks of harm, especially to vulnerable credit users,' she said. Under the bill, a statutory body known as the SKP will be created to regulate currently unregulated business sectors through a licensing and registration framework to protect those with loans not exceeding RM300,000. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia