Fomca urges BNPL rules to track total consumer debt across providers
The Federation of Malaysian Consumers Associations (Fomca) has called for Buy Now, Pay Later (BNPL) regulations to account for a consumer's total debt across all platforms. Its CEO, Dr Saravanan Thambirajah, warned that current affordability checks are ineffective as providers cannot see a borrower's aggregate commitments, potentially leading to a debt trap.