Latest news with #PN-Bachok
New Straits Times
5 days ago
- Business
- New Straits Times
Over 160,000 BNPL users have RM121.8mil in outstanding debt
KUALA LUMPUR: A total of 168,967 'Buy Now Pay Later' (BNPL) account holders, or 2.6 per cent of the total 6.5 million users, had outstanding balances as at June 30, 2025, said Deputy Finance Minister Lim Hui Ying. She said the outstanding BNPL loan balance for the same period stood at RM3.8 billion, representing 0.2 per cent of Malaysia's total household debt. However, the amount of BNPL debt that was unpaid or overdue remained manageable, amounting to RM121.8 million or 3.2 per cent of the total BNPL loan balance, she said during a question and answer session in the Dewan Rakyat today. She was responding to a question from Mohd Syahir Che Sulaiman (PN-Bachok) regarding the current status of BNPL debt in the country and the government's efforts to mitigate the risk of excessive indebtedness. Citing a 2024 study by the Consumer Credit Oversight Board Task Force involving 21,000 active BNPL account holders, Lim said BNPL users generally exhibited good financial discipline. "They also repaid BNPL loans with a low default rate. According to the study, approximately 88 per cent made all payments on time, 12 per cent made late but full payments, and fewer than 0.5 per cent were unable to repay in full," she said. In response to a supplementary question from Khoo Poay Tiong (PH-Kota Melaka), Lim said the Consumer Credit Commission (CCC), which will be established under the Consumer Credit Act 2025, will adopt a risk-based and proportionate supervisory approach for credit consumers. She said supervision would be carried out through periodic inspections and ongoing monitoring, the same methods used by Bank Negara Malaysia and the Securities Commission Malaysia. "The CCC's supervisory approach will prioritise the protection of credit consumers, focusing on fair treatment, transparency, and the development of a responsible credit market. "This will be supported by a regulatory framework that includes licensing and conduct standards under the Consumer Credit Act, empowering the CCC to supervise credit providers and credit service providers, and to take appropriate enforcement action," she added.
The Sun
6 days ago
- Business
- The Sun
Over 160,000 BNPL users in Malaysia owe RM121.8 million
KUALA LUMPUR: A total of 168,967 Buy Now Pay Later (BNPL) users in Malaysia have outstanding balances as of June 30, 2025. Deputy Finance Minister Lim Hui Ying disclosed this during a Dewan Rakyat session, stating the figure represents 2.6 per cent of the country's 6.5 million BNPL users. The total BNPL loan balance stands at RM3.8 billion, accounting for 0.2 per cent of Malaysia's household debt. Unpaid or overdue BNPL debt amounts to RM121.8 million, or 3.2 per cent of the total BNPL loan balance. Lim assured that the overdue debt remains manageable despite the figures. She was responding to Mohd Syahir Che Sulaiman (PN-Bachok), who inquired about BNPL debt risks and government mitigation efforts. A 2024 study by the Consumer Credit Oversight Board Task Force found BNPL users generally exhibit good financial discipline. The study involved 21,000 active BNPL account holders and revealed an 88 per cent on-time repayment rate. Another 12 per cent made late but full payments, while fewer than 0.5 per cent defaulted entirely. Khoo Poay Tiong (PH-Kota Melaka) raised concerns about consumer protection measures for BNPL users. Lim explained that the upcoming Consumer Credit Commission (CCC) will oversee credit providers under the Consumer Credit Act 2025. The CCC will adopt a risk-based supervisory approach similar to Bank Negara Malaysia and the Securities Commission. Its focus will include fair treatment, transparency, and fostering a responsible credit market. Licensing and conduct standards under the new law will empower the CCC to enforce regulations. Periodic inspections and ongoing monitoring will ensure compliance among credit providers. - Bernama
The Star
22-07-2025
- Business
- The Star
Tariff talks with US won't compromise on Malaysia's sovereignty, Dewan Rakyat told
KUALA LUMPUR: Malaysia will not bow to geopolitical pressure or rhetoric when negotiating with the United States on its tariffs, says Tengku Datuk Seri Zafrul Abdul Aziz. The Investment, Trade and Industry Minister said that negotiations will be based on principles and facts to safeguard the nation's economic sovereignty. "We will not take the easy way out and will not bow to pressure, but negotiate strategically to defend jobs, shore up confidence among investors and, more importantly, defend the nation's sovereignty," he told Mohd Syahir Che Sulaiman (PN-Bachok) in the Dewan Rakyat on Tuesday (July 22). Rather than retaliate, he said Malaysia preferred to negotiate with the United States on President Donald Trump's reciprocal trade tariffs. "We are facing this challenge with a strong economic foundation and are confident that we will be able to face the situation in an organised manner," he added. On April 2, Trump announced a 24% tariff on Malaysia, which was increased to 25% on July 7 after the end of a 90-day pause. The new tariff rate is to be implemented on Aug 1, but negotiations are continuing. Zafrul assured lawmakers that Malaysia would stand firm on several matters, including bumiputra equity in local companies and government projects, and halal certification for US companies exporting to Malaysia. "(They) must obtain halal certification from the Malaysian Islamic Development Department (Jakim)," he added. He pointed out that Prime Minister Datuk Seri Anwar Ibrahim had announced several measures during a special Parliament sitting on May 5 to help businesses cope with the US tariffs. Among them was an increase in government guarantees by RM1bil under the Business Financing Guarantee Scheme to help affected SME exporters. Also announced was the increase in soft loan facilities provided by development finance institutions by RM500mil to support SME entrepreneurs.
