Regulatory Alerts2022-09-02
Added · Updated
Enhancing Consumer Protection in Respect of Buy Now, Pay Later Products
The Hong Kong Monetary Authority issued this circular to establish enhanced consumer protection measures for Buy Now, Pay Later products launched by Authorized Institutions. The regulator requires banks to ensure responsible borrowing through clear disclosures that products are credit facilities, prominent fee transparency, and mandatory creditworthiness assessments. Additionally, institutions must implement specific chargeback mechanism disclosures and manage risks associated with third-party partnerships, with full compliance required by the end of 2022.
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