By Suhaila Shahrul Annuar
SHAH ALAM, July 24 — The establishment of the Consumer Credit Commission (CCC) could complement Selangor’s financial literacy ecosystem, said state executive councillor for youth, sports and entrepreneurship Mohd Najwan Halimi.
He said that when one monitors and logs all their loans, it will encourage financial discipline and risk awareness among youth especially.
“This directly supports the financial education, entrepreneurship guidance, and youth empowerment programmes implemented by the state government.
“In the context of Selangor, I consider it highly relevant. Many youth are now exposed to easily obtainable but non-transparent loans, which eventually burdens them with long-term financial commitments.
“With more stringent rules, we could prevent them from falling victim to excessive debt, especially students, gig workers, and young entrepreneurs,” Najwan told Media Selangor.
On Monday, the Dewan Rakyat passed the Consumer Credit Bill 2025 (CCB). Deputy Finance Minister Lim Hui Ying said the bill aims to address weak oversight in the sector, which targets vulnerable, easily exploited consumers.
The CCB is also aimed at standardising consumer credit oversight frameworks, which now differ by sector. Lim added that the CCC will be the main oversight body for credit operators as yet unlicensed or subject to specific monitoring.
Meanwhile, Najwan said the CCC is seen as a positive development, especially to protect youth from uncontrollably accumulating debt.
“We know that today, many types of credit are offered beyond the banking system, such as buy now pay later, modern pawning, and various digital loans that were previously not comprehensively supervised.
“The CCC won’t only be a monitoring body, but unite various non-bank credit provider entities under one oversight framework that is more transparent and structured,” he said.
Najwan added that the CCC won’t only build a new oversight structure, but help build a financial future that is healthier and safer for the younger generation.
