SHAH ALAM, Feb. 18 -- Bank Negara Malaysia (BNM) and employers must impose stricter conditions to ensure only eligible users can access the buy now, pay later (BNPL) scheme, an economist said.
Malay daily, Sinar Harian reported that Universiti Kebangsaan Malaysia's Associate Professor Mustazar Mansur said tighter regulations are necessary to prevent young consumers from falling into high debt and potential bankruptcy.
He suggested that BNM implement credit screening through CCRIS and CTOS while setting clearer conditions on whether BNPL can be used for essential or luxury items.
Employers, he added, could also play a role in regulating its use.
"For instance, applicants should pass CTOS and CCRIS screenings. There should also be clear g...