July 3 (Reuters) - Australian buy-now-pay-later firm Zip Co (ZIP.AX) is further streamlining its operations and cost base following a recent review, a company official told Reuters on Monday.
"Following a recent review, we have made decisions to further streamline our operations and cost base," Vivienne Lee, director for investor relations, said in an emailed comment.
The new law would require BNPL firms to run credit checks before lending, notifying customers when credit limits increase and following dispute resolution processes.
It also aims to reduce cash burn from the rest of its global operations by the end of 2023.
Shares of Zip, which tanked over 88% last year, are down nearly 16% this year as of Monday's close.
Persons:
Vivienne Lee, Zip, Ayushman Ojha, Nausheen Thusoo, Rashmi Aich, Dhanya Ann Thoppil
Organizations:
Co, Reuters, Australian Securities and Investments Commission, Thomson
Locations:
Australia, Central, Eastern Europe, South Africa