In April 2023, the Consumer Credit Oversight Board Task Force (CCOB) proposed a regulatory framework for credit businesses and credit services businesses, among them enhancements to the Hire Purchase Act 1967 (HPA 1967). These enhancements are aimed at modernizing the act and improving consumer experience outcomes.
One of the proposed changes to the HPA 1967 also include the acceptance of digital and electronic signatures for hire purchase agreement processes as well as administration of hire purchase documents through the deployment of digital mediums (as per CCOB Consultation Paper updated September 2023).
To prepare for the eventual rollout of the new regulation, it is our responsibility to maintain the smooth flow of our services for our valued customers by adopting these advancements ahead of the regulatory mandate.
We would like to emphasize the importance of ensuring digital connectivity with you, our customers, by allowing us to keep you promptly informed about any changes, new policies, or important updates related to your accounts. It will also facilitate quicker communication, latest promotions and ensuring that you are always in the loop about your financial transactions with us.
By connecting with us digitally, you are not just ensuring compliance, but also enabling us to serve you better.