Tag: Stephen Jones

Australia Plans Tougher Regulatory Obligations For The Buy-Now-Pay-Later Sector.

Compliance Guest Contributor -
The Australian Financial Services Minister Stephen Jones told The Australian Financial Review that the government would introduce lending obligations for the Buy-Now-Pay-Later (BNPL) sector. BNPL providers will need to assess whether their products are suitable for customers. Additionally, they will be required to hold an Australian credit license. The government will further consult providers and consumer groups to finalize the legislative drafting.