Malaysia witnessed dramatic growth in buy-now-pay-later services during early 2025. Transaction volumes jumped from 83.8 million transactions during late 2024 to 102.6 million by mid-year. Deputy Finance Minister Lim Hui Ying warned that vulnerable consumers face mounting debt risks from these payment schemes. The total monetary value surged 31 percent between periods, climbing from RM7.1 billion to RM9.3 billion. Active user accounts expanded from 5.1 million to 6.5 million participants.
Parliament heard the second reading of the Consumer Credit Bill 2025 on Tuesday. The proposed legislation establishes the Consumer Credit Commission under Finance Ministry oversight. Lawmakers designed the framework to address gaps in current regulatory coverage across credit industries. The commission will license previously unregulated financial service providers through strict qualification standards. Officials expect the new law will create safer lending environments while promoting transparent business practices throughout Malaysia's evolving credit marketplace.
Parliament heard the second reading of the Consumer Credit Bill 2025 on Tuesday. The proposed legislation establishes the Consumer Credit Commission under Finance Ministry oversight. Lawmakers designed the framework to address gaps in current regulatory coverage across credit industries. The commission will license previously unregulated financial service providers through strict qualification standards. Officials expect the new law will create safer lending environments while promoting transparent business practices throughout Malaysia's evolving credit marketplace.
