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Singapore’s Gen-Z Are Borrowing Too Freely, Central Bank Worries

  • Buy Now, Pay Later services gain ground among young consumers
  • Regulator’s media blitz warns of risks from easy-credit apps
Outside a shopping mall on Orchard Road in Singapore on June 5.
Outside a shopping mall on Orchard Road in Singapore on June 5.Photographer: Wei Leng Tay/Bloomberg

Would that be by cash, card or a handful of equal payments over a few months?

Starrie Lee, 23, opted for the latter when she bought a computer monitor online in May. In just a few clicks, the analyst for a technology consultancy split her purchase over three installments using a Singapore-based “Buy Now, Pay Later,” or BNPL, service known as Rely. She is scheduled to pay off her roughly S$500 ($380) bill in July.