Business
ANZ’s Elliott sees best economic conditions in six years – The Sydney Morning Herald
ANZ bank’s chief executive Shayne Elliot has also joined the banking industry’s push for tighter curbs on buy now, pay later (BNPL) firms such as Afterpay.
In a wide-ranging hearing, Mr Elliott said BNPL operators are extending credit to customers without the same oversight as banks.
BNPL businesses, which allow customers to pay for purchases through interest-free instalments, are not required to conduct credit checks on their customers because they do not charge interest. The sector is booming, with Afterpays market value sitting near $37 billion.
When asked if BNPL regulation was appropriate, Mr Elliott replied: I wasnt aware there was any.
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