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Brunei: MoU signed to allow collection of credit info
AUTORITI Monetari Brunei Darussalam (AMBD) recently signed a Memorandum of Understanding (MoU) for the collection of credit information from companies under DST – Integrated Communications Sdn Bhd, DST Technical Services Sdn Bhd, Kristal Astro Sdn Bhd, and Kristal Media Sdn Bhd.
Signing on behalf of AMBD was its Acting Deputy Managing Director (Regulatory and Supervision) Hajah Rashidah binti Haji Sabtu, while the DST affiliates were represented by its Chief Executive Officer Haji Suhaimi bin Hussain.
According to AMBD, the collaboration is consistent with AMBD’s strategic plan in expanding the Credit Bureau’s data coverage beyond the traditional credit information obtained from the financial institutions.
The MoU’s objective is to expand data coverage through the inclusion of credit information from utility providers.
AMBD said that the availability of alternative credit information, from media and services companies, would provide a better assessment tool for the members of the Credit Bureau in determining the whether the customers are capable and have the capacity to commit in taking up financing.
Additionally, it will also encourage the customers of these utilities to inculcate good payment behaviours towards a healthy credit culture.
To date, the data providers of the Credit Bureau consist of all the licensed banks, finance companies and the Islamic Trust Fund in Brunei Darussalam.
The Credit Bureau also receives data regarding outstanding bills from telecom and utility service providers in Brunei Darussalam, namely DST Communications Sdn Bhd (DST), Telekom Brunei Berhad (TelBru), Progresif Cellular Sdn Bhd (Progresif), Housing Development Department, Ministry of Development and the Department of Electrical Services(DES).
The Credit Bureau also signed a Participant Service Agreement with Bank Usahawan in March this year.
Source: https://borneobulletin.com.bn/mou-signed-to-allow-collection-of-credit-info/