The big banks are expected to tighten the screws on lending to the buy now, pay later sector after Openpay closed for business and receivers were appointed to determine who will get their money back.
Openpay is the first ASX-listed buy now, pay later operator to collapse and the first test of how a failed player might be wound down. Its shares last changed hands at 20¢ before suspension, after it hit $4.70 in August 2020 at the height of market hysteria over the sector.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
