Fintech Regulation
The financial technology landscape in Malaysia has evolved significantly in recent years, driven by the rapid digitalisation of financial services and a proactive regulatory posture adopted by the country’s two principal financial regulators: Bank Negara Malaysia (“BNM“), the central bank, and the Securities Commission Malaysia (“SC“). The term “fintech” broadly refers to the application of technology and innovation to the delivery of financial products and services, and it encompasses a wide spectrum of activities ranging from digital payments and digital banking to blockchain-based capital markets activity, automated investment management and emerging models of automated consumer credit.
There is no single, standalone piece of legislation governing fintech in Malaysia. Instead, the regulatory framework applicable to any given fintech business depends on the nature of the activity it undertakes. BNM regulates payment services, e-money issuance, remittance, digital banking and currency administration primarily under the Financial Services Act 2013 (“FSA“), the Islamic Financial Services Act 2013 (“IFSA“) and the Money Services Business Act 2011 (“MSBA“). The SC, on the other hand, regulates capital markets activities including digital asset exchanges, equity crowdfunding, peer-to-peer financing, digital investment management and initial exchange offerings under the Capital Markets and Services Act 2007 (“CMSA“). The recent enactment of the Consumer Credit Act 2025 introduces a further layer of regulation directed at non-bank consumer credit providers, including buy-now-pay-later platforms and digital lending businesses.
Both regulators have consistently signalled a commitment to facilitating innovation but have emphasised it has to be responsible innovation. BNM has indicated that regulation must not stifle innovation or focus on maintaining the status quo, but rather safeguard the public and ensure financial and monetary stability. The SC, for its part, was one of the first regulators in the Association of Southeast Asian Nations (“ASEAN“) to introduce equity crowdfunding guidelines and has steadily expanded its regulatory remit to accommodate new forms of digital capital markets activity. We survey the key areas of fintech regulation in Malaysia across five thematic pillars: blockchain and digital assets, digital payments, digital banking, digital investment services and digitalised consumer credit services.
Blockchain and Digital Assets as Prescribed Securities Under the CMSA
Blockchain technology and the digital assets built upon it are primarily regulated under the capital markets framework administered by the SC. The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (“Prescription Order“), which came into force on 15 January 2019, formally recognised qualifying “digital currencies” and “digital tokens” (collectively, “digital assets”) as “securities” for the purposes of the CMSA. As a consequence, any person who intends to make available, offer for purchase, or issue an invitation to purchase or subscribe for digital currencies or digital tokens must comply with the securities laws, including obtaining the necessary authorisations from the SC.
It is important to note that the definition of a “digital token” or “digital currency” is relatively wide – both encompassing any “digital representation of value which is recorded on a distributed digital ledger whether cryptographically-secured or otherwise”. In the case of a “digital currency”, it must function as a medium of exchange and is interchangeable with any money through the crediting or debiting of an account. However, such digital assets will only be considered a prescribed security if they meet all elements within the Prescription Order:
Digital Currency
- must be traded in a place or facility where offers and exchanges of the digital currency are regularly made or accepted;
- a person can expect a return in any form from its trading, conversion, or redemption (including appreciation in value);
- not guaranteed by any government or central bank;
Digital token – represents a right or interest of a person in any arrangement made for the purpose of, or having the effect of, providing facilities for the person, and where, among other conditions:
- the person receives the digital token in exchange for a consideration;
- the consideration or contribution and the income or returns are pooled;
- the income or returns of the arrangement are generated from the acquisition, holding, management or disposal of any property, assets or business activities;
- the person expects a return from trading, conversion, redemption or appreciation of the digital token;
- the person does not have day-to-day control over the management of the property, assets or business; and
- the digital token is not issued or guaranteed by any government body or central bank.
As of March 2026, regulated players, and particularly digital asset exchange operators are currently expected to obtain SC approval before facilitating the trade of any digital asset prescribed as a security in Malaysia. Thus far, such digital assets approved for trade by the SC have excluded stablecoins, central bank digital currencies, and other types of assets such as non-fungible tokens (NFTs), utility tokens, meme coins, privacy coins, and other types of assets. However, the SC has released proposed amendments to current guidelines under Public Consultation Paper No.3/2025 which is considering a new digital asset taxonomy which may have the effect of delineating more categories of blockchain-based assets as prescribed securities under the capital markets framework in future – although this remains to be seen.
Key Regulatees: Recognised Market Operators and Digital Asset Custodians
The principal categories of regulated entities operating in the blockchain and digital asset space are as follows.
Digital Asset Exchange Operators (“DAX Operators“) are electronic platform operators that facilitate the trading of digital currencies and digital tokens. Under the SC’s Guidelines on Recognised Markets (“RM Guidelines“), a DAX Operator must register with the SC as a recognised market operator (“RMO“). The trading of any digital asset on a DAX platform is subject to the SC’s prior approval, and DAX Operators are prohibited from providing financial assistance to investors to invest or trade in digital assets on their platforms. A recent count shows multiple registered DAX operators in Malaysia, reflecting steady growth in the sector since the initial licensing of three DAX players in 2019.
Initial Exchange Offering (“IEO“) Operators are electronic platform operators registered with the SC to operate an IEO platform, through which issuers may offer digital tokens. Under the SC’s Guidelines on Digital Assets (“DA Guidelines“), an issuer must obtain approval from an IEO operator to offer digital tokens, and the IEO operator must conduct the necessary due diligence on the issuer, review the issuer’s proposal and white paper, and assess the issuer’s ability to comply with applicable requirements. An issuer must be a company incorporated in Malaysia and carry out its main business operations in Malaysia, with at least two directors whose principal or only place of residence is in Malaysia.
Digital Asset Custodians (“DACs“) are persons who provide the services of safekeeping, storing, holding or maintaining custody of digital assets for the account of another person. The DA Guidelines, as revised in October 2020, set out the rules and regulations applicable to DACs. The SC has indicated that it may further expand the regulatory framework to accommodate digital asset wallet providers, complementing the existing frameworks for DAXs and IEOs.
Expanding Horizons: Real-World Asset Tokenisation
The regulatory space for blockchain in Malaysia is expanding beyond the capital markets regime administered by the SC. On 30 October 2025, BNM published its Discussion Paper on Asset Tokenisation in the Malaysian Financial Sector (“Discussion Paper”), signalling the central bank’s intention to explore how distributed ledger technology could reshape the country’s financial infrastructure. Tokenisation, as defined by BNM, refers to the process of converting physical or traditional financial assets into digital tokens that can be issued, traded and settled on programmable platforms.
The Discussion Paper outlines a three-year co-creation roadmap spanning 2025 to 2027, commencing with conceptual validation through proof-of-concepts and progressing to live testing via pilots. At the centre of this roadmap is the Digital Asset Innovation Hub (DAIH), launched in June 2025, which serves as a platform for joint exploration of tokenisation use cases between regulators, financial institutions and technology providers. BNM has identified several areas of potential application, including supply chain financing (to address the estimated RM101 billion SME financing gap), treasury and liquidity management, Islamic finance, sustainability and climate finance, and programmable payment tokens.
BNM has emphasised that only licensed and registered financial institutions should participate in tokenisation use cases and that permissioned blockchain frameworks are the preferred approach, particularly in the early phase of exploration. The Discussion Paper also contemplates the exploration of tokenised deposits issued by licensed banks and MYR-denominated stablecoins, provided they uphold the “singleness of money” principle and are fully backed by regulated institutions. BNM adopts a technology-agnostic stance, allowing both public and private DLT-based infrastructures provided they are resilient, secure, interoperable and adaptable. The Discussion Paper does not prescribe definitive regulatory positions at this stage but rather invites industry participants to co-create the regulatory framework.
Digital Payments
Regulatory Framework
Digital payment services in Malaysia are principally regulated by BNM under two statutes. The FSA (together with the IFSA for Shariah-compliant products) governs the issuance of e-money and the operation of payment systems; whilst the MSBA governs money services businesses including remittance and money-changing operations.
Under the FSA, the operation of a payment system and the issuance of a designated payment instrument (including e-money) require the approval of BNM pursuant to section 11 of the FSA. Certain activities, such as merchant acquiring services, being the business of an operator of a payment system that enters into contracts with merchants for the purpose of accepting payment instruments, constitute a registered business under the FSA and require registration with BNM under section 17 of the FSA. The MSBA, which came into force on 1 December 2011, provides for the licensing, regulation and supervision of the money services business industry, comprising money-changing, remittance and wholesale currency businesses.
Payment System Operators
Whilst the FSA does not define a composite term for “operator of a payment system” or “payment system operator” (“PSO”), the term is used throughout the Act. Rather, section 2 of the FSA defines each constituent element separately: an “operator” means any person, acting alone or under an arrangement with another person, responsible for the rules, procedures and operations of a payment system; a “payment system” means any system or arrangement for the transfer, clearing or settlement of funds or securities. Under section 32 of the FSA, the Act applies to a person outside Malaysia who is an operator of a payment system which accepts payment instructions or settlement instructions from participants in Malaysia. As such – any person who operates a payment system will fall within the FSA’s (and BNM’s) purview as long as they accept payment instructions or settlement instructions from participants in Malaysia. This is notwithstanding that they may be foreign-operators, or may not fall into specific ‘regulated’ categories (as detailed further below).
As noted above, there are specific ‘regulated categories’ of PSOs, which can be considered ‘sub-types’ upon which BNM specifically imposes compliance requirements. Under section 33(2) of the FSA, the following entities are bound to comply with BNM’s standards for payment systems. These are:
- operators of designated payment systems;
- approved operators of payment systems;
- registered operators of payment systems; and
- approved issuers of designated payment instruments.
As such, a PSO which conducts the activity of each of these regulated sub-types, and accepts payment instructions or settlement instructions from participants in Malaysia – would be required to seek further approval or registration. We set out further explanations on these entity types further below.
Operator of a Designated Payment System / Shared Payment Infrastructure
An “operator of a designated payment system” is a person who operates a payment system that has been designated by BNM under section 30 of the FSA. Under that provision, BNM (in concurrence with the Minister and any other relevant supervisory body) may designate a payment system as a “designated payment system” where it is satisfied that a disruption in the operations of such payment system could affect public confidence in the overall payment systems of Malaysia. Such designation is effected by way of gazette order. As of March 2026, the Real-time Retail Payments Platform (“RPP”) is a “designated payment system” pursuant to the Financial Services (Designated Payment System) Order 2023. The RPP is operated by Payments Network Malaysia Sdn Bhd (“PayNet“), a subsidiary of BNM and the country’s most significant financial institutions who are also shareholders. This makes PayNet an operator of a designated payment system, and in practice, BNM recognises the RPP as “shared payment infrastructure”.
The RPP underpins Malaysia’s digital payments ecosystem. For example, it supports services such as DuitNow, Malaysia’s national real-time payment and transfer service, which enables instant fund transfers between participating banks and e-wallet providers using proxy identifiers such as mobile numbers, national identity card numbers or business registration numbers. The DuitNow QR service further facilitates interoperable QR code payments across banks and e-wallets, creating a unified point-of-sale payment experience. Malaysia has also participated in cross-border QR payment interoperability arrangements with other ASEAN jurisdictions, reflecting the region’s push towards interconnected digital payment systems. PayNet also operates other payment rails which are equally important to the country’s digital payments ecosystem including Financial Process Exchange (“FPX”), MyDebit, JomPAY, Interbank GIRO (“IBG”), and DirectDebit.
Approved Operators of Payment Systems
An “approved operator of a payment system” is a person approved by BNM under section 11 of the FSA to operate a payment system set out in paragraph 1 of Division 1 of Part 1 of Schedule 1 to the FSA. These are: (i) the operators of payment systems which enable the transfer of funds between banking accounts, including via debit or credit transfers, or standing instructions (e.g. switching infrastructure); or (ii) operators of payment systems which facilitate payments via payment instrument networks. In the first case, BNM generally uses examples such as IBG, the Shared ATM Network (SAN) and the FPX as examples of such approved payment system operators. In the second case (operators which facilitate payments via payment instrument networks), BNM cites Visa, MasterCard, American Express and similar card scheme operators as examples.
Both operators of designated payment systems and approved operators of payment systems are bound to comply with BNM’s Payment System Operator Policy Document, which denotes requirements designed to ensure such regulated PSOs are aligned with international standards such as the Principles of Financial Market Infrastructures issued by the Committee on Payments and Market Infrastructures (CPMI), and the International Organization for Securities Commissions (IOSCO).
Registered Operators of Payment Systems
A “registered operator of a payment system” is a registered person operating a payment system set out in paragraph 9 of Part 2 of Schedule 1 to the FSA. This specifically refers to a merchant acquiring service. A “merchant acquiring service” is defined under section 2 of the FSA as the business of an operator of a payment system that enters into a contract with a merchant for the purpose of accepting payment instruments for payment of goods or services. Merchant acquirers must register with BNM under section 17 of the FSA. BNM primarily imposes regulatory requirements on such merchant acquiring services under its Merchant Acquiring Services Policy Document, which specifically applies to such registered merchant acquiring services who are direct participants of payment instrument networks to provide merchant acquiring services.
Digital Ecosystem Acceleration Scheme (DESAC)
The Digital Ecosystem Acceleration Scheme (DESAC) is a targeted incentive scheme designed to catalyse investments in digital infrastructure, including data centres.
As of early 2025, 21 data-centre projects had been approved under DESAC attracting around RM113.8 billion in investment, of which about 90% came from foreign investors.
In Parliament, the Deputy Investment, Trade and Industry Minister reported that 25 data‑centre projects with Malaysia Digital status and incentives under DESAC involved RM144.4 billion of investments and were expected to create over 1,400 jobs between 2021 and mid‑2025.
Future DESAC‑type incentives are increasingly being tied to sustainability conditions, with the forthcoming sustainable data‑centre framework and MITI guidelines expected to make metrics such as Power Usage Effectiveness (PUE), Water Usage Effectiveness (WUE) and Carbon Usage Effectiveness (CUE) part of eligibility criteria for new incentives.
Approved Issuers of Designated Payment Instruments
An “approved issuer of a designated payment instrument” is a person approved by BNM under section 11 of the FSA to issue a payment instrument that has been designated by order of the Minister on BNM’s recommendation. The Financial Services (Designated Payment Instruments) Order 2013, as amended, prescribes the categories of payment instruments that are designated for the purposes of the FSA, which include electronic money (“e-money”), credit cards, charge cards and debit cards – and any combination of these instruments. Any person who intends to issue a designated payment instrument must first obtain BNM’s approval. The approval requirement ensures that issuers of such instruments are subject to BNM’s prudential and conduct standards, including requirements on capital adequacy, governance, risk management, safeguarding of customer funds, technology risk management and consumer protection.
Electronic Money Issuers
One of the most versatile industry components of designated payment instruments are e-money issuers (“EMIs”). E-money is a payment instrument that stores funds electronically in exchange for funds paid to the issuer and is able to be used as a means of making payment to any person other than the issuer. It may be issued in different forms including digital wallets (e-wallets), which are a type of prepaid account which a user can use to store money for online and offline transactions. EMIs must obtain approval from BNM pursuant to section 11 of the FSA.
BNM’s Policy Document on Electronic Money, most recently revised and effective from 31 January 2025 (“EMI Guidelines”), categorises EMIs into several tiers. Standard EMIs are those that do not meet the criteria for eligible status. Eligible EMIs are those with a significant market footprint, being EMIs with at least 500,000 active users for a consecutive period of six months, or a market share of at least 5% of the total e-money transaction volume, value, or outstanding liabilities in Malaysia. Eligible EMIs face heightened regulatory expectations, including a minimum capital funds requirement of RM5 million or 8% of outstanding electronic money liabilities (whichever is higher), compared to RM1 million or 8% for standard EMIs. Limited Purpose EMIs, which issue closed-loop e-money usable only within a single set of premises or for specific limited purposes, are now exempted from regulatory requirements under the EMI Guidelines following the issuance of the Financial Services (Limited Purpose Electronic Money) (Exemption) Order 2024.
The EMI Guidelines imposes comprehensive requirements on EMIs concerning corporate governance, risk management, safeguarding of customer funds in trust accounts with licensed banking institutions, technology risk management, cybersecurity, outsourcing arrangements and consumer protection obligations including transparent refund policies and membership of the Financial Ombudsman Scheme.
Remittance and Money Services Businesses
Remittance services, which facilitate cross-border fund transfers, are regulated under the MSBA. Licensees under the MSBA are subject to BNM’s supervision, including compliance with anti-money laundering and counter-financing of terrorism (“AML/CFT“) requirements. The growth of online and mobile-based remittance services has expanded the reach and potential opportunities available to each of these businesses, making licensed remittance operations increasingly accessible to consumers.
Digital Banking
BNM's Licensing Framework for Digital Banks
Digital banking refers to a banking business or Islamic banking business carried on primarily or wholly through digital or electronic means. On 31 December 2020, BNM issued its Policy Document on Licensing Framework for Digital Banks, and following a competitive application process, BNM announced in April 2022 the successful applicants for five digital banking licences.
Digital banks are licensed under section 10 of the FSA or section 10 of the IFSA (as applicable) and are required to comply with the full suite of regulatory requirements applicable to licensed banks, including standards on prudential regulation, Shariah governance (for Islamic digital banks), business conduct, consumer protection and AML/CFT.
The licensing framework adopts a balanced approach intended to enable the admission of digital banks with strong value propositions whilst safeguarding the integrity and stability of the financial system and the interests of depositors. Digital banks are expected to serve the underserved and unserved segments of the population, including individuals without adequate access to traditional banking services and micro, small and medium enterprises. A foundational phase applies during the initial years of operation, during which a simplified regulatory framework with lower minimum capital requirements is in place to allow the digital bank to establish its business model, test its technology and grow its customer base in a controlled manner, before transitioning to full compliance with the standard prudential requirements applicable to all licensed banks.
Open Banking and Open Finance
Complementing the digital banking framework, BNM has taken significant steps towards establishing an open finance ecosystem in Malaysia. On 18 November 2025, BNM issued an Exposure Draft on Open Finance, setting out its proposed regulatory requirements for consent-driven sharing of customer information across the financial sector in a secure, open, accessible, interoperable and timely manner.
Open finance, as defined by BNM, is a framework that enables permissioned sharing of customer information between a data provider and a data consumer. The Exposure Draft contemplates that mandated financial service providers, including licensed banks, licensed investment banks, licensed Islamic banks, licensed insurers, licensed takaful operators, prescribed development financial institutions and eligible EMIs, will be required to participate in an open finance platform as data providers.
The implementation is proposed to be phased, commencing with banks with more than 1,000,000 customers from 1 January 2027, extending to banks with more than 100,000 customers from 1 January 2028, and finally to development financial institutions and eligible EMIs from 1 January 2029. The scope of information to be shared initially covers transaction information for the most recent 12 months and the current outstanding balance of an account, with individual customer data shared first and SME data to follow in a second phase.
The open finance platform, being developed by PayNet, will enable encrypted, consent-based data flows between financial institutions and third-party providers. BNM has placed strong emphasis on customer consent, requiring it to be specific, voluntary, explicit, deliberate and revocable. All participating financial service providers must offer a digital consent dashboard through which customers can view, manage and revoke their consents. Consent for recurring data access is time-bound at a maximum of six months. The framework is designed to empower consumers whilst enabling more personalised financial products, better credit models for underserved groups and greater operational efficiency across the financial sector.
Digital Investment Services
Digital Investment Management
Digital investment management (“DIM“) is a form of fund management regulated under the CMSA. A DIM company is one carrying on the business of fund management incorporating technologies into its automated discretionary portfolio management services. DIM is a regulated activity pursuant to Part 1, Schedule 2 of the CMSA, and as such, a DIM company must obtain a capital markets services licence (“CMSL“) from the SC pursuant to section 58 of the CMSA.
Beyond the standard requirements applicable to fund management companies under the SC’s Guidelines on Compliance Function for Fund Management Companies (“FMC Guidelines“), Chapter 13 of the FMC Guidelines imposes additional requirements specific to DIM companies. These include requirements relating to risk management, algorithm design and oversight, and the obligations of the DIM company’s board of directors and compliance officer. A DIM company must ensure, among other things, that its automated investment algorithms are subject to appropriate governance, testing and monitoring, that clients receive adequate information about the nature and risks of automated discretionary portfolio management, and that representations made to clients are conducted with due care, skill and diligence.
Other SC-Regulated Digital Platforms
The SC also regulates several other categories of digital investment and fundraising platforms under the RM Guidelines. Equity crowdfunding (“ECF“) operators and peer-to-peer financing (“P2P“) operators must register as RMOs with the SC. ECF platforms enable individuals to invest in start-ups in exchange for equity, whilst P2P platforms enable individuals to lend money to borrowers without the use of a bank as an intermediary. E-services platform operators, which arrange or facilitate the sale, purchase or subscription of capital market products offered by CMSL holders to investors, must similarly register as RMOs.
These platforms are subject to requirements concerning the operation of trust accounts, obligations and management of conflicts of interest, investor protection and, in the case of ECF and P2P platforms, restrictions on investment amounts depending on the status of the investor.
Digitalised Consumer Credit Services
The Consumer Credit Act 2025
The Consumer Credit Act 2025 (“CCA“), which came into force on 1 March 2026, represents a watershed moment in Malaysia’s consumer credit regulatory landscape. The CCA establishes a unified regulatory framework for non-bank consumer credit providers and credit service providers, addressing what had previously been a fragmented regulatory environment in which various categories of credit businesses operated under different statutes and ministries, or in some cases without direct regulatory oversight.
Establishment of the Consumer Credit Commission
The cornerstone of the CCA is the creation of the Consumer Credit Commission (“Credit Commission“), a statutory body tasked with overseeing the licensing, registration and supervision of credit businesses and credit service providers. The Credit Commission will co-exist with existing regulators and supervisory authorities, which include BNM, the SC, the Ministry of Domestic Trade and Cost of Living, the Ministry of Housing and Local Government and the Malaysia Co-operative Societies Commission.
Licensing and Registration
The CCA introduces a structured authorisation regime. Any person carrying on a “credit business” is required to obtain a licence from the Credit Commission (or, in the case of Islamic credit businesses such as Islamic financing facilities or Islamic pawnbroking, from the Registrar of Islamic Credit Providers). The categories of credit business requiring licensing include buy-now-pay-later (“BNPL“) schemes, leasing, factoring and their Islamic equivalents. Registration by the Credit Commission is required in order to carry on a “credit service business”, which encompasses debt collection, impaired loan or financing acquisition and debt counselling and management.
The CCA defines a “credit consumer” broadly, covering individuals who obtain credit for personal, domestic or household purposes, micro or small enterprises obtaining credit not exceeding RM300,000, and individuals acting as non-profit guarantors. Existing credit providers and credit service providers will be given a grace period of six months following the commencement of the CCA to apply for the appropriate licence or registration. Operating without proper authorisation carries penalties of up to RM5 million or five years’ imprisonment, or both. Credit agreements entered into by unlicensed credit providers are unenforceable.
Scope and Phased Implementation
The CCA does not replace existing legislation governing credit activities but supplements it. Licensed banks and financial institutions regulated by BNM, credit cards and charge cards, insurance and takaful providers, and cooperatives regulated by the Malaysia Co-operative Societies Commission remain outside the scope of the CCA and continue to be governed by their respective regulatory frameworks.
The CCA is being implemented in three phases. During Phase 1 (expected to run through to the end of 2027), the Commission will regulate previously unregulated credit providers, including BNPL operators, whilst existing ministries and agencies retain oversight of the businesses within their respective sectors. In Phase 2 (2028 to 2030), the Credit Commission will absorb regulatory functions from the Ministry of Housing and Local Government and the Ministry of Domestic Trade and Cost of Living, encompassing moneylending, pawnbroking, hire purchase and credit sales. In Phase 3 (2031 onwards), subject to a government review, the Credit Commission is intended to become the sole regulatory body for all consumer credit activity.
Conduct Requirements and Consumer Protection
The CCA imposes comprehensive conduct obligations on licensed and registered entities. Credit providers must conduct affordability assessments before extending credit, ensure transparency and disclosure of the Effective Interest Rate (EIR), refrain from misleading or deceptive conduct, provide fair contract terms and offer repayment relief mechanisms for consumers facing financial hardship due to circumstances such as critical illness, involuntary loss of employment or natural disaster. The CCA also establishes a Consumer Credit Tribunal to adjudicate disputes and provides for robust enforcement powers including criminal penalties, civil remedies and administrative actions such as licence suspension or revocation.
The passage of the CCA is particularly significant in the context of Malaysia’s rapidly growing digital credit sector. BNPL transactions alone reached RM9.3 billion in the first half of 2025, and the proliferation of digital lending platforms had created regulatory gaps that the CCA is specifically designed to address. By requiring all non-bank credit providers, including fintech platforms, to meet uniform licensing, governance and conduct standards, the CCA brings long-overdue coherence and consumer protection to a segment of the credit market that had previously operated with limited oversight.
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