The booming $1.7t private credit industry has filled the BNPL gap. These lenders, which make loans outside both traditional banking and the world of publicly traded bonds, initially catered primarily to small and medium-size companies but have been expanding into consumer finance.
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Private credit fuels a ‘Buy Now, Pay Later’ lending boom in Asia
“Early on, banks were not very comfortable with the type of collateral that we can offer, which is basically secured against a loan book.”
