Afterpay chairman Elana Rubin told investors at this morning’s AGM that the company is “not anti-regulation”, as the Reserve Bank and Treasury work at enforcing further rules in the buy now-pay later sector.
“Although there has been recent commentary on the narrow issue of surcharging, we look forward to engaging with the Australian Treasury as they take on a greater role in leadership of the payments system,” Rubin told investors.
“We consider that the Australian Code of Conduct, which commenced in March, and the extensive work completed by a number of wide-ranging reviews into the sector has established a best-in-class framework that is working as intended.
“To be clear, we are not anti-regulation but we believe regulation should be fit-for-purpose, reflective of the risk, and not stifle innovation and competition.”
The Australian Code of Conduct ensured that Afterpay, Zip, Openpay, Klarna, Humm, Latitude, Payright, and Brighte placed a cap on late payment fees and lifted age restrictions to 18.
