Buy Now Pay Later (BNPL) is becoming more and more popular in Taiwan. Legislators are worried that if credit noobs use BNPL too much and spend without feeling, it may repeat the double card storm. Huang Tianmu, chairman of the Financial Supervisory Commission, said that there are indeed risks, and he has communicated with the industry to remind him. The Financial Supervisory Commission will also start from the perspective of risk control and think regarding how to strengthen the law.
Shen Fahui said that there is no process of credit review and customer understanding, such as the actual test of CITIC Gold (2891-TW) BNPL launched by CITIC Capital, just fill in the education, industry, title, seniority, name and address, and there will be a 7,000 yuan credit in 3 minutes; another AFTEE, it will be completed in 5 minutes, and the age of 20 years old will also have 2,000 yuan credit I am worried that no credit card users will feel indifferent to consumption, and because there is no credit review, there may be a more serious situation than the dual-card storm. It is recommended that the Financial Supervisory Commission should conduct a comprehensive review of laws and regulations in advance and strengthen the supervision mechanism in due course.
Huang Tianmu said that CITIC Financial, a subsidiary of CITIC Financial, is indeed doing buy now and pay later. The Financial Management Commission has already discussed with CITIC Financial, and reminded CITIC Financial of the impact of the dual-card storm on the country in the past, especially if the customer is a credit novice. , Credit Xiaobai should be made aware of the overall risks to be borne, and related risks such as personal information and information security must be controlled.
Huang Tianmu further pointed out that credit granting is not a franchised business under the Banking Law, but it involves issues such as personal information and credit risks. If financial institutions switch to buy now and pay later, the FSC will strengthen management.
