“The Senate Committee’s report is balanced, considered and thorough and
proportionate response to the industry.

“Afterpay supports the recommendations relevant to the buy now pay later sector
and believes the recommendations are sensible, appropriate and stand to provide
additional protections for vulnerable Australians.

“The Senate Committee process highlighted important fundamental differences
between the buy now pay later sector and traditional credit products and the need for
a separate regulatory framework.

“We look forward to working with ASIC, the Government, consumers and industry on
a suitable regulatory framework and to achieve the best possible outcomes for our
customers, including through continued innovation and improved data sharing.

“We similarly look forward to working with industry on the development of an industry
code of practice. We believe this recommendation will give impetus for better
industry collaboration when it comes to industry standards and better understanding
customers’ profiles.

“We are aligned with policy-makers in that service providers need to find ways to
collaboratively utilise technology and share information to ensure that a small
segment of the population are prohibited from using services that are not suitable for

“Open banking presents an opportunity for Afterpay and the wider industry.”