Buy Now, Pay Later (BNPL) services are increasingly becoming the choice of Malaysians to make small purchases easily. Now, the government has released a new consumer bill. So, what should you know about it?
The new buying trend
In fact, data shows that up to RM3.8 billion was recorded as of 30 June 2025. However, this service is still not fully regulated until today.
Therefore, the Dewan Rakyat has now passed the Consumer Credit Bill (RUUKP) 2025 to introduce an integrated regulatory framework for consumer credit businesses.
This Act will cover non-bank credit providers including BNPL, money lending, pawnshopping and hire purchase.
How it will work
The RUUKP will be implemented in phases. The first phase will maintain regulation under the KPKT and KPDN. The second phase in 2028 will hand over power to the Consumer Credit Commission (SKP) which will be established.
The third phase starting in 2031 will consolidate all consumer credit activities under one central entity.
No interest rate cap is set in the initial phase, but data will be collected for future policy guidance. The RUUKP is designed to complement existing laws and does not replace the roles of other agencies such as BNM and the Securities Commission.
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